Real IS Target Adelaide
German investment group Real IS has acquired 100 Waymouth Street Adelaide from a Singaporean private investor for $85m.
The A-Grade office building is located in the Adelaide CBD core location and provides ground floor, plus 12 upper levels of office accommodation. The 12,305sqm property is 75% leased to Beyond Bank for a 10 year term and Origin Energy for a 15 year term both having high quality modern fitouts with a WALE of 4.74 years (by income as at 1 September 2019).
The building was built in 1989 and refurbished in 2014 with new ground floor entrance lobby and End of Trip Facilities.
The changes to stamp duty for commercial assets in Adelaide has seen a much higher level of activity in the commercial market with over $850m of deals so far in 2019, compared to a total in 2018 of around $660M. The most recent deals include Soilbuild REIT acquisition of 25 Grenfell Street for $134m and SunTech REIT acquisition of 55 Currie Street for $148m.
Real IS has been active in Australia for 14 years and holds properties in Canberra, Melbourne's Defence Plaza and Adelaide & King William Streets worth more than $1.14bn
The latest deal was managed by Knight Frank.