This article is from the Australian Property Journal archive
Adelaide’s worst kept secret, the sale of the Flinders Link development is now official with Germany-based property syndicator SachsenFonds Gmbh forking out $156 million.
The project was sold by Hindmarsh and its joint venture partners, The Kambitsis Group and PT Building Services.
Flinders Link is the largest development in Adelaide in more than a decade and the $156 million sale represents a record low yield for Adelaide.
Located in Adelaide’s CBD, Flinders Link development comprises two office towers totalling 28,000 sqm of space and a multi-deck car park with 700 bays.
The first building at 80 Flinders Street, comprises 12,500 sqm of space. The property was recently completed and insurance giant Insurance Australia Group relocated its South Australian headquarters there in August this year.
The second larger building at 60 Flinders Street, comprises 15,500 sqm of space and has been pre-leased to mining and resources group, Santos. The 13-storey building is due for completion in the first quarter of 2007.
The sale also includes a nine-level car park, being managed by EziPark, a Hindmarsh subsidiary and a 450 sqm development site adjacent to the IAG building.
Hindmarsh’s South Australian general manager Peter Gibberd said the company was pleased to have concluded the sale.
“Flinders Link is not only the largest project constructed by Hindmarsh, it is also one of the most important that we’ve been associated with since the company entered the South Australian market in 1985.
“It is a rewarding result to a project that commenced five years ago,” he added.
Hindmarsh was recently awarded the Master Builders Australia 2006 National President’s Award for Excellence in the building and construction industry.
By Adam Parsons and Nelson Yap
