Perth-based fund manager Mair Property Funds (MPF) has taken its first steps into Adelaide’s industrial sector, with a $7.55 million purchase.
MPF has acquired 1 Williams Circuit, Pooraka, a 1.032ha site located 14km north of the CBD.
Currently leased by Vulcan Engineering Steels, the property was built in the late-1990s, fully refurbished in 2018 and has a WALE of 7.25 years.
It is located on the corner of Williams Circuit and Diagonal Road, the latter connecting the major arterial Port Wakefield Road and Main North Roads.
CBRE Associate Director Jordan Kies managed the sale at a net yield of 7.4%.
“This transaction illustrates the ongoing confidence from interstate buyers for industrial investment properties in our state,” Mr Kies said.
“The increased investment attraction is underpinned by promising economic fundamentals within the industrial sector and presents an opportunity for many local owners to realise a strong capital uplift.”
The Pooraka property will add to MPF’s retail, medical and industrial assets across Western Australia and Queensland.
“We have been actively researching opportunities in Adelaide since early 2019 in response to growing demand from investors for products that offer diversification in terms of both geographic location and industry,” Mair Property Funds Acquisition Manager Peter Melling said.
“We are confident given the excellent location and strong fundamentals of this asset that the acquisition will further enhance the income security for investors in the trust.”
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.
