Pep Rocca sells park front Adelaide office, car parks
Pep Rocca has sold a park front Adelaide office and 140 strata titled car parks in an adjoining complex.
The four level building, 151 South Terrace, and car parks at 11-23 Holland Street, traded for $18.15 million.
Mr Rocca, via his development arm. Australasian Property Developments, outlaid $10.45m in 2008.
Another $4m has been spent on upgrades since 2018.
Knight Frank managed the sale for Mr Rocca’s funds management division, Curated Capital.
Portfolio reweigh
Developed in 1988, 151 South Tce contains 3321 square metres anchored since 2010 to Transfield Services, now part of Ventia.
Also accommodating MYOB, DSM Investment Group and not for profits including Relationships Australia and Barkuma Incorporated, the weighted average lease expiry is 4.5 years (continues below).
The site spans 1298 sqm.
The car parks form 44 per cent of the Holland St complex.
Based on the annual net income – $1.3m – the yield is 6.7pc.
The marketing agents said the passing rent is about 19pc below market value.
The buyer is a private investor.
The deal comes three years since Curated Capital with Realside paid $76.5m for 45 Pirie St in the CBD, which rises 18 storeys.
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