Primewest has acquired a large scale industrial facility in Adelaide for $22m.
The property at 114 Cross Keys Rd Salisbury South is leased to Border Express on a new five year lease generating $1.44m in net annual rental providing a passing yield of 6.5% to Primewest.
Whilst Primewest has been active in the retail space in its relationship with GIC, the acquisition of this property is the fifth asset within the Primewest Industrial Income Trust No.3, since it launched a year ago with the portfolio worth about $80 million. Its existing assets include;
- Chevallum Industrial Estate, 521 Chevallum Road, Chevallum QLD
- 76-80 West Avenue, Edinburgh, SA
- 60 Fulton Drive, Derrimut, VIC
- 54-58 Sorbonne Crescent & 14-20 Wittenberg Drive, Canning Vale, WA
The site in Salisbury provides 5.1ha of land with a 41 per cent site coverage allowing for further development or expansion potential.
The Salisbury industrial estate is surrounded by prominent brands including Bridgestone, Coca-Cola, Lion and Bickfords Group and is opposite Nexus North, an industrial estate being developed by Integrated Logistics Partners, a partnership between Jamie McClurg's Commercial & General real estate group and Singapore’s Straits Trading Company.
The Border Express sale to Primewest was handled by Colliers.