Melbourne asset manager sells government investment
Kinkora Investments – the name since March for KM Property Funds or KordaMentha Property Funds – has sold a state government-leased asset in Hobart’s east.
The office and warehouse complex at 89 Cambridge Park Drive, Cambridge, collected $28.05 million – a 7.06 per cent net passing yield.
On 2.81 hectares it contains 6897 square metres – a 5910 sqm single-storey office and 987 sqm warehouse – and 163 car parks.
Occupiers include the Department of Health’s Ambulance Tasmania and Care@Home, and Department of Justice (Worksafe Tasmania and Consumer Building and Occupation Services).
The weighted average lease expiry by income is 10 years (continues below).
Melbourne-based Kinkora paid $25m in 2019.
The sale, to another interstate investor, was managed by Knight Frank’s Tom Ryan and Trent Preece with Elders Commercial’s Scott Newton and Richard Steedman (continues below).
Cambridge is about 10 kilometres from the city.
Also this week realestatesource.com.au is reporting Kinkora bought neighbouring offices in Melbourne’s trendy inner-east Cremorne.
They cost $94.5m or $90m after settlement costs.
Anthony Wilson’s Terraplex was the seller.
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