Aspen Group has settled on the $66.98 million purchase at 55 Currie Street in Adelaide.
The property was acquired on an initial yield of 8.54% on the purchase price with the potential to increase this to 9.50% on a fully leased basis.
The property is currently tenanted by the Department of Immigration, Multicultural and Indigenous Affairs, the Australian Bureau of Statistics, Department of Family and Community Services, Australian Federal Police and Centrelink.
Following completion of the acquisition, Aspen’s property portfolio will increase to $287 million while total funds under management increase to in excess of $600 million.
By Kathryn O’Meara