Cointreau family sell Adelaide sites to developer
Centurion has agreed to buy six neighbouring Adelaide CBD sites – seven months after applying to develop them.
In a 50:50 joint venture, the Singapore-based student accommodation provider is paying $25 million for 199-200 North Terrace and 12-20 Gawler Place – a 3300 square metre holding also connected to Rundle Mall.
The vendors are André Jean-Marie Cointreau, Hedwige Marie Louise Cointreau and André Cointreau, heirs to the family behind the French Cointreau liqueur brand.
The site was occupied by their Le Cordon Bleu culinary school until 2017.
The school’s Adelaide campus and national head office are now at Regency Park.
Earlier this week, realestatesource.com.au reported 1835 Property and Marlborough Capital were developing a $450m Unilodge behind the historic Trinity Church at 88 North Tce.
Centurion buys another Australian site
Singapore-based Centurion will develop the site through a purchasing vehicle – its $12.5m stake funded through internal resources.
The other half will be held by entities associated with the developer’s controlling shareholders and joint chairmen, Han Seng Juan and David Loh.
Settlement is expected by the end of the next quarter.
Centurion owns and manages about 1629 student beds across three Australian assets, including Dwell East End Adelaide.
Last September we reported it bought an amalgamation in Perth’s Nedlands for an 18-level student accommodation complex to be known as Dwell on William (continues below).
Not long earlier the group paid $25m for a Melbourne CBD site, following a campaign by Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma.
The former Victoria Police Association on McKenzie St is expected to accommodate a c575-bed student accommodation complex.
The group has also recently boosted its key worker accommodation portfolio with two Pilbara properties.
What is planned
Centurion plans three towers on North Tce – a 30-level student accommodation building, a traditional residential complex and office.
A podium will include retail, food, beverage and entertainment space.
A pedestrian connection will link to Rundle Mall via Gawler Place.
The end value has been estimated at $300m.
Construction should start in 12-18 months.
The scheme will incorporate a 1867 heritage sandstone building designed by Edmund Wright, Edward John Woods and Edward Hamilton used by department store John Martin & Co which closed in 1998.
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