Cromwell Property Group
(ASX:CMW) has agreed terms for the sale of a commercial office tower in Adelaide for $73 million.
The property is located at 100 Waymouth Street in Adelaide and has in excess of 12,000 sqm of net lettable area which is fully tenanted.
The sale represents a premium of 17.6 percent over book value of $62.1 million and a capital value of approximately $6000/sqm.
The sale is expected to settle on 10 December 2015.
Cromwell Property Group recorded a net profit of $148.76 million at 30 June 2015.
