Coates Hire Sale Drives $30M Blitz

The $16.1 million sale of a Coates Hire industrial facility in Albert Park headlined local South Australian-based property sales at last week’s Burgess Rawson portfolio auction.

Reflecting a yield of 3.59 per cent, the sale was one of four properties moved as part of last week’s auction process, which together generated $30 million for vendors.

Two Where We Grow childcare centres in Angle Vale and Strathalbyn sold prior to the auction for undisclosed amounts, while a United service station in Seaton sold for $4.35 million at a yield of 5 per cent.

But it was the Coates Hire facility that attracted the biggest price tag, snapped up by an Adelaide-based investor.

Knight Frank SA head of investment sales Oliver Totani, who partnered with Burgess Rawson on the local campaign, said the Coates Hire property generated strong competition between investors across the country, attracting more than 80 inquiries and 10 registered bidders on auction day.

“The result itself is demonstrative of what can be achieved for assets that tick all the boxes – land-rich, blue-chip covenant and favourable zoning,” he said.

“Adelaide has come of age with a vibrant economy, a great health response and a population on the up.

“Adelaide can now genuinely sit alongside the other Australian capital cities as a desirable investment destination.”

The Channel 7 headquarters on Port Road at Hindmarsh was also expected to go under the hammer at last week’s Burgess Rawson auction, but was a late withdrawal.