Having just divested neighbouring Darlinghurst pubs for a $6 million loss on its 2020 outlay for its Taylor Square Fund, MA Financial has bought a near-new Adelaide industrial park for another mandate.
The 3.5 hectare asset, 560-570 Grand Junction Road, Regency Park, is setting the fund manager back c$50m.
Emmett Property completed the project, seven kilometres north of Adelaide’s CBD, in two stages in 2021 and last year.
The deal comes a day since we reported MA Financial shelved plans to develop Sydney’s Kinselas and neighbouring Courthouse Hotel – instead selling the venues, with connecting retail investments, to Mark Toma’s Virtical for $61m (story continues below).
Staged development, value-added
Adelaide based Emmett leased up the Regency Park asset – the biggest structure with 10,000 square metres is occupied by Mainfreight while a smaller warehouse with 7000 sqm is rented to Maxiparts, Southcott and Sydney Tools.
Leedwell’s Jamie Guerra and Andrew Zammit were the leasing and sale agents.
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