August 7, 2012
Investors now have the opportunity to own some of South Australia's most historic commercial properties, which are being marketed by Jones Lang LaSalle (JLL).
A collection of commercial properties and smaller residences have been put up for sale by J & AG Johnston, which is known as one of Adelaide's oldest family companies. The properties are being marketed by JLL, which said that the buildings are offered for individual sale, or may be bought together.
Numbering 25 in total,the collection comprises of 17 hotels, a shopping centre and smaller shop units. Also available are some small residences. The hotel properties together earn AUD 2.1 million in rent per annum.
J & AG Johnston was incorporated in 1843 as a brewer and seller of ales and cordials. It established its hotel properties as a distribution network for its products, and had retained ownership of the hotels from the beginning. However, the board has recently decided to exit the hospitality business, resulting in the disposal.
"The investment properties have served the company's stakeholders well, but following a major strategic review our shareholders decided it is time to offer these properties for sale to enable their funds to be invested in other ventures," said chairman Mark O'Leary.
JLL agent Jamie Guerra added that the company would concentrate on its winery and golf course businesses instead. J & AG Johnston owns 50 ha of vineyards and other land holdings around Oakbank. It also owns the Oakbank Golf Course, which was founded in 1892.
In an accompanying note, JLL said that the portfolio "provides the smaller investor an attractive opportunity to secure well-leased investments in the desirable Adelaide Hills, Lower Murray and Fleurieu region."
Some of the properties included in the lot are the Balhannah Hotel and Chinese Restaurant in Balhannah; Bridge Hotel in Langhorne Creek, Charleston Hotel in Charleston; District Hotel and Millers Arms Hotel in Nairne; German Arms Hotel in Hahndorf; Gumeracha Hotel in Gumeracha; Mannum Hotel and Pretoria Hotel in Mannum; Meadows Hotel in Meadows; Pier Hotel in Milang; Rising Sun Hotel in Lobethal; Stanley Bridge Tavern in Verdun; Swan Reach Hotel in Swan Reach; Totness Inn in Mount Pleasant; Woodside Hotel in Woodside; and Callington Hotel in Callington.
In addition, the Balhannah Junction Shopping Centre is also available for sale. Anchored by Foodland supermarket, the retail complex earns AUD 221,800 per annum.
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