This article is from the Australian Property Journal archive
THE University of Adelaide’s Thebarton Campus has been purchased by a group of Adelaide private investors.
It was purchased by Pep Rocca of Adelaide-based investment and development group Australasian Property Developments.
The 3.99-hectare site was marketed by Colliers International agents Paul Van Reesema, Alistair Mackie and Paul Tierney via an expressions of interest campaign on behalf of the University and transaction manager Realtycorp Property Solutions.
The site was offered as four “super lots” or as a whole, with the University of Adelaide choosing to shortlist a group of parties to bid for the portfolio in one line.
Van Reesema said the site generated phenomenal interest, with the sale price in line with the vendor’s expectation.
“This sale represented a unique opportunity to acquire a major inner metropolitan infill land holding,” he said.
Located three kilometres north-west of the CBD, the property features more than 22,000sqm of commercial and industrial improvements across 28 buildings.
The agents said the site afforded outstanding cash-flow opportunities and development potential given its Urban Corridor zoning, building height limit of six levels, as well as significant holding income opportunities for a purchaser whilst planning and implementing are development project.
The campus is occupied by third party tenants, including the University of Adelaide for several ofits faculties and records storage.
The University’s vice-chancellor and president Warren Bebbington said the University would continue to occupy various tenancies following the sale, by way of leasebacks on commercial terms.
“The sale was part of our divestment plan to fund our new medical, dental and nursing building, now nearing completion next to the new Royal Adelaide Hospital,” Bebbington said.
Australian Property Journal
