In the 2014-15 State Budget the South Australian Treasurer announced that from 30 June 2016, the Motor Accident Commission (MAC) will cease its statutory role as the sole provider of Compulsory Third Party Insurance in South Australia.
The sale of MAC’s Portfolio of 11** commercial and industrial properties (Portfolio) is part of the wider project underway to commence the private sector provision of Compulsory Third Party Insurance in South Australia from 1 July 2016.
The State Government of South Australia (The Vendor) has appointed JLL as its exclusive selling agent to market for sale, in one line, the Portfolio.
The Portfolio comprises 100,000sqm* of modern office accommodation and over 60,000sqm* of industrial warehousing geographically spread across five Australian states.
The major assets are located in the core markets of Brisbane, Melbourne, Perth and Adelaide with additional assets situated in Laverton North Victoria, Macquarie Park New South Wales and Eight Mile Plains Queensland creating a geographically spread Portfolio.
The properties are leased to third party tenants on commercial terms with varying lease terms and rental structures providing a sound diversity of income sources and therefore spread of tenancy and income risk. Small vacancies across the Portfolio provide additional upside for purchasers to enhance the existing cashflows and lease expiry profile.
The estimated total net income of the Portfolio is circa $50,070,000* with a weighted average lease expiry of 4.88 years*.
The Portfolio** is offered for sale through an Expression of Interest process closing 12 noon Australian Central Standard Time (ACST) on Monday 11 July 2016.