Located in the heart of Adelaide’s laneway network, the 12-storey property at 55 Currie Street, Adelaide, was sold by Colliers International to Singapore-listed property trust Suntec REIT by Colliers International on behalf of Arc Equity Partners.

 

Positioned on a 5,578 square metre landholding, the property offers diverse and secure cash flow underpinned by leases held by the Commonwealth Government, the Government of South Australia, Allianz Australia and Data Action.

 

The building fronts both Currie Street and Topham Mall in a prime location which affords exceptional accessibility to Adelaide’s core office precinct, retail hub, Rundle Mall and transport nodes.

 

The purchase represents the first investment made by Suntec REIT outside Sydney and Melbourne and provides a yield of 8 per cent.

 

The sale marks the latest entrance by global capital into Adelaide with recent purchases made by Blackstone (USA), Credit Suisse Asset Management and AEP Investment Management (Singapore).

 

The building also provides 95 fully secured basement carparks and is in the western core of the city, the focus of most of Adelaide’s CBD growth over the past 20 years.

 

The sale was handled by Paul van Reesema, Director | Capital Markets Investment Services, Craig Shute, National Director Capital Markets, and Alstair Mackie, National Director Capital Markets and Investment Services.