Colliers International to sell major metro infill opportunity as four “super lots"
The University of Adelaide’s Thebarton Campus is about to hit the market in an opportunity to acquire 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 “super lots” – either as a whole, individually or in groups – by Expressions of Interest closing at 4pm Thursday 14 July 2016.
The University of Adelaide will remain in occupation of various tenancies following the sale by way of lease backs on commercial terms.
Mr 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 a redevelopment project,” Mr van Reesema said.
“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."
Recent changes to South Australia’s Development Plan have seen the site re-zoned 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.
“The University of Adelaide’s Thebarton Campus represents one of Adelaide’s most significant development or value-add investment opportunities,” Mr Mackie said.
The Thebarton Campus is located in the inner metropolitan Adelaide suburb of Thebarton, around 3km north-west of the CBD, with some 300m of River Torrens reserve frontage. The portfolio has additional and extensive frontages to Holland, Anderson, Winwood, Stirling, Reid and Queen Streets in Thebarton.
“The portfolio also offers exceptional amenity with Port Road, the Western Parklands, a tram line, the Entertainment Centre and Links Golf Course in the immediate vicinity,” Mr Mackie said. “To the west is the recently completed Brickworks Shopping Centre.
“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."
Thebarton Campus is occupied by multiple third party tenants, including the University of Adelaide for many of its faculties and records storage.
Third party tenancies will be ongoing and occupy approximately 59% of the building area, generating a gross income of approximately $2,043,000 per annum as at May 2016.