A purpose-built childcare centre has sold to an interstate private investor following a highly competitive campaign, demonstrating the strength of the South Australian property market.
The $4,325,000 sale was negotiated by CBRE’s Harry Einarson and Mitch Curnow on behalf of Accord Property.
The 49-51 Vennachar Drive, Hallett Cove property is leased to Paisley Park Early Learning Centres Pty Ltd on a twenty-year lease with options and has an annual net rental income of $278,518.
Situated approximately 21 kilometres from the Adelaide CBD, the site comprises a 685sqm building on a 2,390sqm parcel of land with street frontages to Vennachar Drive, Quailo Avenue and Jupiter Street.
“The high level of competition for the property, predominantly from interstate private investors, demonstrates strong demand for commercial property in South Australia, driven by recent legislative changes,” Mr Einarson commented.
“The purchaser noted the abolition of stamp duty as a key driver in their entry to the South Australian market.”
Mr Curnow said the property benefits from several factors considered attractive in the current investment market.
”This property ticks all the boxes sought after by today’s investors; secure income from a long-term lease, strategic location and presented as a premium grade investment asset should be.” Mr Curnow said.
“With a lack of quality investment stock hitting the market over the past few months there are certainly further opportunities for owners to capitalise on a hot property market.”
The $4,325,000 sale was negotiated by CBRE’s Harry Einarson and Mitch Curnow on behalf of Accord Property.
The 49-51 Vennachar Drive, Hallett Cove property is leased to Paisley Park Early Learning Centres Pty Ltd on a twenty-year lease with options and has an annual net rental income of $278,518.
Situated approximately 21 kilometres from the Adelaide CBD, the site comprises a 685sqm building on a 2,390sqm parcel of land with street frontages to Vennachar Drive, Quailo Avenue and Jupiter Street.
“The high level of competition for the property, predominantly from interstate private investors, demonstrates strong demand for commercial property in South Australia, driven by recent legislative changes,” Mr Einarson commented.
“The purchaser noted the abolition of stamp duty as a key driver in their entry to the South Australian market.”
Mr Curnow said the property benefits from several factors considered attractive in the current investment market.
”This property ticks all the boxes sought after by today’s investors; secure income from a long-term lease, strategic location and presented as a premium grade investment asset should be.” Mr Curnow said.
“With a lack of quality investment stock hitting the market over the past few months there are certainly further opportunities for owners to capitalise on a hot property market.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
