A fund managed by Growthpoint Properties Australia (Growthpoint) has divested Grenfell Car Park, Adelaide CBD, South Australia to an Adelaide based investor for an undisclosed price.
Located at 100 Grenfell Street, Adelaide CBD, South Australia, the seven-level facility comprises 500 parking spaces and occupies a 2,416 square metre CBD site, is strategically positioned with connectivity to the bustling Rundle Mall.
Grenfell Car Park is 100% leased to Secure Parking, a wholly owned subsidiary of Tokyo Stock Exchange listed PARK24 Co. Ltd, one of the world’s largest parking operators with a market capitalisation of approximately A$3.3 billion.
Grenfell Car Park is one of Adelaide CBD's strongest-performing parking assets, consistently achieving high utilisation and benefiting from demand generated by office workers, retail visitors and the city's growing residential population.
The property was acquired in 2021 by the Fortius Grenfell Car Park Trust, a single-asset syndicate fund managed by Growthpoint, and has delivered stable income distributions averaging approximately 6% per annum with modest capital growth over the investment period.
Growthpoint's Executive Director, Funds Management, Sam Sproats, said the sale marked a successful conclusion to the Fund's investment strategy.
"Grenfell Car Park delivered stable income throughout the investment period and a successful sale outcome on exit. The transaction provides liquidity for investors and represents an outcome consistent with our expectations."
The sale was completed at a slight premium to book value following a competitive sale campaign that attracted strong interest from investors seeking defensive assets with secure income streams.
Mr Sproats added “The result demonstrated continued demand for well-leased assets underpinned by resilient cashflows.
“This outcome reflects Growthpoint's disciplined approach to funds management and our focus on delivering value and certainty for investors across the investment lifecycle."
Ryan Mills and Max Frohlich of Knight Frank, together with Ian Thomas and Alistair Laycock of CBRE, acted as joint selling agents on the transaction.
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