Savills sells two Adelaide CBD office blocks

Savills South Australia have sold two Adelaide CBD commercial office buildings for a total of $37.5 million, reflecting a 7.5% yield.

The adjacent properties at 60 Wakefield Street and 21 Divett Place were sold by Peter Isaksson and Rino Carpinelli of Savills on behalf of the South Australian government.

The properties were acquired by property syndication firm Ascot Capital Limited in association with Adelaide-based financial group Finance Mutual Australia (FMA).

Ascot and FMA intend to do more transactions together and are actively looking for other opportunities that meet their requirements, Peter Isaksson, Divisional Director Capital Transactions of Savills South Australia, said.

The rare offering of two Adelaide CBD properties on long-term leaseback to the South Australian government, attracted strong interest from local and national buyers.

The sale followed Savills’ sale last year of the 22 King William Street office building for $41.8 million.