Scouts SA and SA Church Basketball have sold Adelaide Arena – built in 1992 as the Powerhouse but known since 2015 as Titanium Security Arena.
The price is speculated to be c$4 million.
Melbourne-based Pelligra Group is the buyer.
The asset will undergo an office extension and has been renamed.
On 2.37 hectares, the Beverley property was marketed with vacant possession as a residential or retail development site.
Its sale comes five months after Hillsong spent $23m on West Melbourne’s Festival Hall, held since 1915 by the Wren family.
At 122-126 William Street, the arena is about seven kilometres north west of Adelaide’s CBD.
It has predominantly been used as a basketball stadium, for 27 years until 2019 it was the Adelaide 36ers base.
In 2006, it sold to former ABC Learning founder Eddy Groves for $3.95m.
Three years later the venue was renamed Adelaide Dome and in 2010, to its original non-commercial name, Adelaide Arena.
Scouts SA and SA Church Basketball picked it up from receivers in 2013.
An entity, Arena Stadium Management, was then set up to run it as a commercial venture.
Titanium later signed a 10-year naming agreement.
The stadium goes by the busier street address of 44A Crittenden Road, Findon.
The land has been proposed for a Recreation rezoning which would allow a leisure-based redevelopment (story continues below).
Adelaide 36ers relocated from Richmond’s Apollo Arena which became a church then sold for housing.
The team is now based at the city fringe’s Adelaide Entertainment Centre.
Pelligra will build an administration office for the sports group at its old Beverley base though – which has been renamed Adelaide 36ers Arena.
The vendor was represented by JLL’s Jed Harley and Adrian Guerra.
Adelaide 36ers Arena details
The arena contains 2190 square metres of floorspace.
It is configured as a c8000-seat stadium with four terraced grandstands.
There are also two playing surface options.
Around that are 19 corporate suites which dub as breakout/meeting rooms when the facility accommodates conferences and exhibitions.
Since a state government restriction was lifted in 2014, the property has been able to host non-sporting events like concerts.
The site abuts a 2000-bay car park which the operator has an option to use.
Elsewhere in Adelaide, Pelligra owns the ex-Cavalry Wakefield Hospital in the CBD – earmarked to become a major healthcare hub – and the ex-Holden manufacturing plant at Elizabeth (now Lionsgate Business Park).
In a second recent deal, the builder last week settled on the 465ha Cheetham Saltworks (or Moolap Saltworks) site in Geelong, from Ridley Corporation.
Near Eastern Park, part of this land could make way for commercial development; about seven years ago it was mooted for a $4 billion residential-based village.
Pelligra acquired another ex-Cheetham Saltworks at Avalon last year.