Petrol king and property player Nick Andrianakos has expanded his family’s commercial property portfolio, buying Santos House in the Adelaide CBD from Lendlease for $101.35 million.
The 15,731sq m building at 60 Flinders Street, fully leased to Santos, was held in Lendlease’s property investment arm. The lease expiry is in 4.7 years.
It generates $7.53 million in net passing income annually, giving the transaction a yield of around 7.4 per cent.
Brokered by CBRE’s Ian Thomas and Knight Frank’s Guy Bennett, the deal is more evidence of increasing activity in the Adelaide market where investors and developers – including Charter Hall and Cbus Property – are increasing their exposure.
For the Andrianakos family, the transaction is but the latest in a run of deals in the past two years.