The Sturt Centre, an office building in South Australia’s Murray Bridge, is up for sale.
The property at 2 Sturt Reserve Road, 78 kilometres southeast of Adelaide in the Greater Adelaide Region, consists of a modern two-level office asset with 2,151sqm net lettable area configured into seven tenancies, with 63 at-grade car parks.
It is prominently positioned on a significant 5,254sqm corner site at Sturt Reserve Road and Joseph Street, centrally located in the township of Murray Bridge.
The asset was extensively refurbished in 2010, and has a 5.5 Star NABERS rating.
It is 72% leased to a strong mix of Government and not-for-profit tenants, with the remaining portion rental guaranteed for 24 months.
The property is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Chris Clemente, Harrison Grice and Chet Al of Knight Frank.
Mr Grice said the investment was supported by a secure, diversified income stream underpinned by government tenants, a 24-month rental guarantee and a weighted average lease expiry of 2.43 years, by income.
“This is a quality refurbished investment that is underpinned by its location, being situated in a prominent location in a strategic growth hub in South Australia’s Murraylands region,” he said.
“Murray Bridge is the gateway to South Australia’s Murraylands region and a vital economic and population centre.
“It is forecast to become South Australia’s largest regional city, with a 50 per cent population increase expected by 2041.”
The region is undergoing a wave of development activity, including the $7.5 billion Gifford Hill satellite city project, which will ultimately deliver over 17,000 new homes, Gifford Hill will be the largest single development in South Australia since the 1950s.
Adding to the region’s appeal is Monarto Safari Park – the largest safari experience outside of Africa – which attracts significant annual visitation and continues to expand as a major tourism and economic driver for the area.
With connectivity via the Princes Highway, key freight routes, and passenger rail to Adelaide and Melbourne, Murray Bridge is well positioned to benefit from population decentralisation and strategic investment in regional infrastructure.
Mr Clemente said quality, well-located office assets were proving to be sought after as the investment market recovers.
“Buyers are looking for properties in solid locations, with growth prospects, to take advantage of the rising market,” he said.
“The ongoing growth of regional hubs like Murray Bridge is set to fuel demand for professional and government services, creating strong prospects for quality office space.
“The zero stamp duty payable on commercial transactions in South Australia is a drawcard for investors in the state.
“We would expect owner occupiers and investors to be interested in this property – there is a secure income from an investment perspective, but we are also seeing owner occupiers quite active in the market.”
The Expressions of Interest campaign for 2 Sturt Reserve Road, Murray Bridge will close at 4pm (ACST) on Thursday, 11 September.
Related Articles
