This article is from the Australian Property Journal archive
A NORTH Adelaide mega-site has sold for more than $50 million, including Adelaide’s most-expensive single homesite sale in history.
The 1.9-hectare property comprises 12 separate allotments across multiple titles hit the market for the first time in over a century.
The site includes the Lutheran Church in Australia’s national headquarters, with a residential college, apartments, hostel rooms, townhouses, office building, refectory, library, vacant development sites and the state heritage-listed Hebart Hall on Jeffcott Street.
James Juers and Simon Lambert of McGees Property managed the sale via Expressions of Interest of campaign, with vacant possession, on behalf of the Lutheran Church.
The campaign received more than 350 enquiries and resulted a transaction with four buyers, from both South Australia and Interstate.
The buyers include Chris Diamantis and his Genworth Group, which specialises in custom-built homes. While all the buyers are planning a mix of single-home developments and repurposing of existing structures.
“This was a once-in-a-century opportunity for the Adelaide market,” said Juers.
“Fittingly for an offer of this magnitude, the transaction includes a site that, once settled, will set a record for the most expensive-ever parcel of land to be used for a single dwelling in Adelaide.”
This parcel spans 5,000sqm and made up more than $15 million of the total sale price, after being snapped up by a private parcel.
“Another exciting aspect of the deal is that the purchaser of Hebart Hall is planning on converting the building to a residence – which it has never been used for in its 142-year history,” added Juers, who noted the purchaser was Sydney-based.
Meanwhile Diamatis’ Genworth Group purchased multiple parcels at the site.
“We’re working on plans and working through our feasibilities now. It’s yet to be determined. We expect to have it resolved in the next four to six weeks,” said Diamantis.
“We’re probably looking at four different projects in a way that we cater for a variety of demographics. We’ll be doing a very large private super high-end residence, as well as build-to-rent – probably two smaller towers with 25 to 30 apartments – we also might do some townhouses for down-sizers, and possibly retirement living.”
The property is conveniently placed near to hospitality and lifestyle amenity, with restaurants, cafés, bars and shopping in the CBD and North Adelaide, plus Adelaide Oval, parklands and gardens, North Adelaide Golf Course and Adelaide Zoo.
“The campaign generated more than 350 enquiries from buyers across Adelaide, Australia and overseas, which together with the final result demonstrates the strength of Adelaide’s residential and development market – particularly in blue- chip suburbs such as North Adelaide,” said Lambert.
[W]e had a broad range of buyers show interest given the property’s location, range of potential income streams, and its valuable City Living zoning, which also allows for medium- to high-density mixed-use residential.”
