After a hot contest involving local and national investors, corporates and developers, a University campus has been sold, presenting a major metro infill opportunity.
The University of Adelaide’s Thebarton Campus of four “super lots” has been acquired by Pep Rocca, of Australasian Property Developments, an Adelaide-based investment and property development company with significant Adelaide CBD and metropolitan assets.
Colliers International’s Paul Van-Reesema, Alistair Mackie and Paul Tierney sold the 3.99 hectare site, acting on behalf of The University and transaction manager Realtycorp Property Solutions.
Mr Van-Reesema said the site generated phenomenal interest and the eventual sale price was in line with the vendor’s expectations.
“This sale represented a unique opportunity to acquire a major inner-metropolitan infill land holding,” he said, with Mr Mackie adding that the Campus represented one of Adelaide’s “most significant development or value-add investment opportunities”.
Thebarton Campus is currently 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,” he said.
The portfolio was offered for sale by expressions of interest in four “super lots” or as a whole.
The campus is located three kilometres north-west of the Adelaide CBD and offers four hectares of land, with over 22,000 square metres of commercial- and industrial-style improvements.
Colliers International said the site offers outstanding cash flow opportunities and development potential given its Urban Corridor zoning and building height limit of six levels. In addition, with 28 buildings providing extensive accommodation, Colliers added that the portfolio offered significant holding income opportunities for a purchaser whilst planning and implementing a redevelopment project.