Growthpoint Properties have confirmed the sale of two of their non core assets this week for $45.2M. The two assets were earmarked for disposal to allow Growthpoint to focus on core metropolitan office markets. The first asset, 10 mins from Hobart is located at 89 Cambridge Park Drive, Cambridge, and comprised a single level ‘A’ grade office building (approx. 5,825 sqm) constructed circa 2008 plus a separate warehouse/store (approx. 1051 sqm) and approximately 163 car parking bays. The property has a strong lease covenant with a 16 year lease from April 2008 to Tasmanian Government Business Enterprise (GBE), the Hydro Electric Corporation with a WALE of 5.5 years. The current net income of the property is approx $2,852,119 pa. Growthpoint reported the sale of the asset at $25M suggesting a net yield of 11.4%. The second asset in the sale was 7 Laffer Drive, Bedford Park is 12km south west of Adelaide CBD. Originally constructed in 2001, the building was extended in 2003 with improvements comprising a 6,639sqm, purpose-built call centre with open plan design and amenities across two wings and 520 car spaces. The property is leased to Westpac on a new 7 year lease generating a net income of $1,752,143 pa. Growthpoint reported the sale of the asset at $20.2M suggesting a net yield of 8.67%. Both transactions were in line with Growthpoint’s bookvalue. JLL and Knight conducted the sale process. Location Plan: #Growthpoint #Commercial
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