This article is from the Australian Property Journal archive
SEVEN months after pulling the plug on Adelaide's retail property market, Stockland is about to exit the office market.
In April this year Stockland sold the Parabanks shopping centre in Salisbury for $87.5 million, after it bought it from AMP Diversified Property Trust.
Stockland is understood to have sold its only two office investments to undisclosed buyers for around $87.3 million.
The largest asset at 81 – 95 Waymouth Street is believed to have fetched $50 million. Completed in 1993, the 11 level building was purpose built for the Australian Taxation Office. The building provides a net lettable area of 17,878 sqm.
Stockland bought the ATO building in June 2003 as part of its acquisition of the AMP Diversified Property Trust.
Stockland has also sold another asset purchased from AMP. Chesser House is believed to have fetched $37.3 million. Located at 91 – 97 Grenfell St, the 11 level building was built in 1990 and provides 11,377 sqm of space and basement parking for 22 cars.
Chesser house is anchored by the South Australia State Government (9,247 sqm) and the remainder is leased to the Commonwealth Bank (1,905 sqm).
The only commercial property asset remaining in Stockland’s portfolio is an industrial asset — the $78.5 million Port Adelaide Distribution Centre.
Australian Property Journal
