Lendlease sells Australia Post distribution centre
Lendlease has quietly sold a north Adelaide industrial investment.
The 2.3 hectare Australia Post distribution centre, 3-9 Birralee Road, Regency Park (pictured, top), found favour with a Melbourne buyer for $22.52 million.
With 9616 square metres including a first floor office and meeting room, the property was for nearly a decade until recently leased to US-based oil services giant Halliburton.
Now, the weighted average lease expiry is two years.
The sale price reflects a 5.1 per cent yield.
“The market recognises location and quality especially when the market fundamentals are understood being land is in critically short supply and unlikely to change in the near future, vacancy is at record lows and again unlikely to change anytime soon [and] services infrastructure is severely constrained, all of which must result in consistent land, rent and value growth over time,” JLL’s Martin James, who brokered the off-market sale, said.
Regency Park is about six kilometres from town.
The deal comes two months since we reported Leyton Funds outlaid $27.55m for an industrial investment in the suburb.
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