Featuring in Burgess Rawson’s 147th Portfolio Auction, Knight Frank ran as a conjunctional agent to facilitate the sale of 1052 Port Road, Albert Park - more commonly known as 'Coates Hire', Albert Park in South Australia.
Placed on an expansive 18,488sqm block of land with combined street frontages, ‘Coates', owned by ASX-listed Seven Group Holdings has been a longstanding tenant of the property for more than 20 years. Secured on a 5+5+5 triple net lease until 2036, the property generates a net income of $578,668 pa + GST and is situated in Albert Park, midway between Port Adelaide and the Adelaide CBD.
With much interest in the high-performing asset,10 bidders fought hard to secure the South Australian property. An Adelaide investor ended up snapping up the site for $16,100,000, achieving a yield of 3.59%.
Commenting on the impressive selling result, Knight Frank Adelaide Director Oliver Totani and Senior Sales Executive, Investment Sales Jack Dyson stated, "Strong competition from across the country, from 10 registered bidders, for an investment in SA, we are super happy with the result".
"Adelaide has come of age, with a vibrant economy, a great health response and a population on the up. Its a great time to be investing in SA".
"The result itself, is demonstrative of what can be achieved for assets that tick all the boxes, land rich, blue chip covenant and favourable zoning."
"We have a 100% strike rate with regards to our Auctions this year, with over $70m sold to date across 15 assets. We have some great offerings to come in November so buyers keep an eye out, as they will go quick” they added.
