Colliers International sells major metro infill opportunity of four “super lots” as major portfolio
The University of Adelaide’s Thebarton Campus has been acquired by a well known group of Adelaide private investors following a hot contest from a wide range of local and national investors, corporates and developers.
Acting on behalf of The University and transaction manager Realtycorp Property Solutions, Colliers International’s Paul Van Reesema, Alistair Mackie and Paul Tierney have sold the 3.99ha site following a nationwide sales campaign.
The property has been sold to Pep Rocca, of Australasian Property Developments, an Adelaide-based investment and property development company with significant Adelaide CBD and metropolitan assets.
Mr 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.
Mr Mackie said: “The University of Adelaide’s Thebarton Campus represented one of Adelaide’s most significant development or value-add investment opportunities."
Thebarton Campus is occupied by multiple third party tenants, including the University of Adelaide for several of its 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 lease backs 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,” Prof. Bebbington said.
The portfolio was offered for sale by Expression of Interest in four ‘super lots’ or as a whole. As a result, the University of Adelaide chose to shortlist a group of parties to bid for the portfolio ‘in one line’. This process saw spirited and competitive bidding and generated unconditional bids for the portfolio.
Thebarton Campus is located just 3km north west of the Adelaide CBD and offered some 4ha of land, with over 22,000sqm of commercial and industrial style improvements. The site affords outstanding cash-flow opportunities and development potential given its Urban Corridor zoning, and building height limit of six levels.
With 28 buildings providing extensive accommodation, the portfolio offered significant holding income opportunities for a purchaser whilst planning and implementing a redevelopment project.