Leyton spends $27.5m for Adelaide investment
Leyton Funds has bought a major industrial investment in Adelaide’s north.
Following an off-market deal, the asset manager outlaid $27.55 million for 491-499 South Road, Regency Park.
The seller, a private investor, paid ISPT $14.9m for the 3.13 hectare property in 2016.
Developed c2013, with 12,389 square metres including in a detached retail banking chamber, it is leased to three tenants.
The deal come nearly three months since we reported Leyton outlaid $5.3m for a Melrose Park industrial investment.
In June meanwhile it entered an agreement to buy Woolworths’ Queensland support centre.
Low yield, growth potential: buyer
The result for 491-499 South Road reflects a 6.5 per cent net passing yield.
“With the strength of the underlying land value, the acquisition highlights our strategy of securing high quality industrial assets with strong fundamentals and long term growth potential,” a spokesperson for the buyer said.
Leedwell Property’s Jamie Guerra with Proxy RE’s Lukas Weeks and Jed Harley were the agents.
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