Victorian syndicate buys Port Adelaide office

The Port Adelaide property returns $950,000 per annum.

A Victorian syndicate has snapped up a modern Port Adelaide Centrelink office off-market.

The $9.5 million price or 72 Lipson Street reflects a 5.5 per cent yield.

On 3527 square metres, the asset contains 1813 sqm.

There are also about 50 at grade car parks.

“Despite the economic uncertainty…the government anchored properties on long term leases are still in high demand due to the defensive nature of the asset class,” Leiba Commercial’s Marc Leiba, who sold the asset earlier this year with Jonathan Rosenthal, said (story continues below).

The Lipson Street office contains 1813 square metres.

“Along with the log-term lease in place to the government, the purchaser was also attracted to the stamp duty savings on offer in South Australia,” he added.

“This is another example of the strong cap rates that are achievable through selling a property off-market,” according to the executive.

Next to the South Australian Railway Museum and near the Port Adelaide train station and Port River Expressway, the property is about 14 kilometres north west of Adelaide’s CBD.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of