This article is from the Australian Property Journal archive
THE University of Adelaide is selling its Thebarton Campus, as a major inner metropolitan infill land holding.
Acting on behalf of The University of Adelaide and transaction manager Realtycorp Property Solutions, Colliers International’s Paul van Reesema, Alistair Mackie and Paul Tierney have been appointed to sell the 3.99ha site as four superlots – either as a whole, individually or in groups.
The University will continue to occupy the site through various tenancies following the sale by way of leasebacks on commercial terms.
In addition, the Thebarton Campus is occupied by multiple third party tenants, which occupy approximately 59% of the building area, generating a gross income of approximately $2,043,000 per annum as at May 2016.
van Reesema said the sale of the Thebarton Campus was a “genuine opportunity of a lifetime”, representing a major inner metropolitan infill land holding contained within some 26 Certificates of Title and with extensive commercial and industrial improvements.
“With 28 buildings providing some 22,463sqm of accommodation, the portfolio offers significant holding income opportunities for a purchaser whilst planning and implementing are development project.
“Given the magnitude of the offering, outstanding proximity to the CBD, 300m-plus River Torrens reserve frontage, abundant amenity and favourable zoning, this site represents a truly rare and highly desirable development and value-add investment opportunity,” van Reesema said.
Recent changes to South Australia’s Development Plan have seen the site rezoned to a higher order use, being Urban Corridor (Business Policy Area 37). This flexible zoning encourages mixed use medium and high density residential and compatible non-residential land uses.
Mackie said the Thebarton Campus represents one of Adelaide’s most significant development or value-add investment opportunities.
“The location is characterised by a mix of commercial, residential and industrial uses including the West End Brewery to the east and the South Australian Biomedical precinct to the west. Port Road has extensive commercial development and to the north east is the former Clipsal site at Bowden, which is now one of Adelaide’s most significant medium to high density urban renewal projects.” Mackie said.
Australian Property Journal
