Adelaide apartment complex sold to Asian investor for $18 million through Savills

A four-storey complex comprising serviced apartments and commercial spaces in Adelaide’s northern suburb of Mawson Lakes has been snapped up by a Singapore-based investor for $18 million. 

The sale of Quest Mawson Lakes was negotiated by Rino Carpinelli and Peter Isaksson of Savills South Australia along with joint agent Tony Ricketts of Knight Frank. 

The property was sold on a passing yield of 8%.

Located on a 2,467 sqm site, the property comprises 66 serviced apartments on the three upper levels while the ground floor is fully leased to seven commercial and retail tenancies. The serviced apartments come in studio, one-bedroom and two-bedroom configurations. 

The purpose-built facility was built in 2008/2009 and is managed by serviced apartment operator Quest, which recently extended its lease to 2024.

“The sale to a Singapore-based investors highlights that international buyers are increasingly looking beyond Australia’s major east coast capitals of Sydney and Melbourne for high quality, strategic investments,” said Isaksson.