Corval shifts Adelaide capital into industrial
EXCLUSIVE
Two weeks after selling an Adelaide CBD office, Corval has put $14.15 million into an industrial investment with a short leaseback in the city’s north.
The fund manager bought the Gepps Cross asset, 17 White Road, also known as 1/15-19 White Rd, on behalf of Corval Industrial Infill Trust 2, off-market.
The multi-unit estate on 1.9 hectares, predominantly occupied by Pickard Timber, is expected to be repositioned and relet, possibly to a single occupier.
A spokesperson said the acquisition was underpinned by the property’s underlying land value and position within an established industrial precinct.
The deal comes four months since realestatesource.com.au reported the Scaffidi family sold a former Hoepners Transport facility, now leased to Toll, in the suburb.
In May meanwhile, Northpoint Toyota acquired large neighbouring assets on Grand Junction Road while last year, Consolidated Pre-Stressed Industries sold a 4.52ha block.
Infill trust now worth $140m
The Corval site has access to Main North, Port Wakefield and Grand Junction roads, with connections to the Northern Expressway and Port Adelaide/Outer Harbor (continues below).
It is the sixth investment for the Infill Trust No 2.
That vehicle now manages a c$140m portfolio.
“The acquisition is underpinned by strong underlying land value and includes a short-term sale and leaseback, providing the trust with the flexibility to reposition the property and re-lease…over the short term,” a Corval spokesperson said,
Earlier this month realestatesource.com.au reported the group sold 26 Flinders St in the city after eight years and a renovation.
Exceed Capital was that buyer.
Pirie Property Group’s Jordan Kies and David Reid marketed White Rd.
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