QIC sheds balance of Adelaide industrial portfolio
QIC has sold the last three properties from a portfolio of Adelaide industrial investments listed last year.
Local asset manager Accord is buying the priciest – at Edinburgh – for $24.5 million.
On 4.65 hectares at 60-70 Purling Avenue, it contains a 17890 square metre office/warehouse leased to WW Purchaser Co until 2029.
Based on the net annual income ($1,529,416 or $85 per sqm, pa) the result reflects a 6.2 per cent yield.
About 4305 sqm is immediately developable.
Corval doubles down at Cavan
The final two properties in the QIC portfolio, 5-7 and 8-10 CB Fisher Drive, Cavan, collected a total $14.5m.
Across the road from each other, they span a total 2.14ha, with 3629 sqm of cold storage facilities.
Gilbert’s Transport Service tenants both sites.
Corval is the buyer.
Cavan is 11 kilometres north of the CBD.
Edinburgh is 12 kilometres north of there (continues below).
$80m sell-down.
The final property to form part of the portfolio – 281-301 Grand Junction Road, Ottoway, traded in December to Westbridge Funds Management for $41.01m.
QIC was represented by CBRE’s Andrew Bell, Chris O’Brien and Paul McKay with Leedwell Property’s Steve Smith and Andrew Zammit.
The assets were also offered in one line.
Fred Moir buys ex-envelope factory
Meanwhile, local businessman Fred Moir has settled on the $15m deal for the historic ex-ES Wigg & Son factory in Thebarton, next to the Southwark Ground project.
The 6968 sqm Urban Growth corridor zoned holding, 79 Port Road, was a decade ago the subject of a 11 storey apartment complex. Up to eight levels can be considered – a height limit of 32.5 metres.
ES Wigg & Son sold the site for $9.75m in 2017 (the envelope manufacturer went into voluntary administration in 2021 after 171 years in business).
That buyer, PRD Project Management, proposed the high rise with 217 dwellings and 231 car parks.
Mr Moir agreed to buy it in October against a guide of $15-$16m. Thebarton is about two kilometres north west of Adelaide’s CBD.
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