Irongate offloads ex-Toll distribution centre
Irongate Group has quietly sold a major Adelaide industrial investment held 12 years.
The Enerven headquarters at 2-8 Mirage Road, Direk, found favour with a Victorian private buyer, for $14.8 million.
It is the purchaser’s maiden South Australian commercial property, Knight Frank’s Ryan Mills, who brokered the off-market deal with Max Frohlich, and Dulwich Lane’s Matthew Lane, said.
Irongate, under the former Investec brand, outlaid $8.68m.
On two hectares also facing Heaslip Rd, it contains a 6898 square metre improvement with a warehouse accessed from over 20 loading docks, and A-grade offices. Also with drive around access, it was then-occupied by Toll, which quit five years ago.
The land formed part of a business park, the Vicinity Industrial Estate, developed by the late Lang Walker’s Walker Corporation, with local outfits, Daycorp and Badge, from 2008 (story continues below).
“The [Mirage Rd] asset appealed to the buyer given its strategic location, high quality nature with access to positive rental reversion and the strength of the tenant covenant,” Mr Mills added.
Enerven, owned by SA Power Networks, is the state’s only electricity distributor.
Direk is about 30 kilometres north of town.
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