Commercial and residential property news
An inner-Adelaide commercial investment on a site big enough to be on the radar of major developers from Australia’s east-coast, and offshore, has been listed with high-$20 million price hopes. The 1.37 hectare block in Norwood, about two kilometres east of the city centre, has not changed hands for more than 30 years. At the
Read more
The Church of Scientology has acquired the former home of the Messenger Press newspaper, in Port Adelaide. The church proceeded with the purchase after securing planning consent to redevelop the property into a place of worship and community centre. On a 4700 square metre plot, the 3535 sqm office at 1 Baynes Place is costing
Read more
Blackstone is understood to be close to selling Adelaide’s Rundle Place shopping centre for close to $250 million. The private equity group has also listed for sale a suburban Melbourne shopping centre, Brimbank Central, which is speculated to be worth more than $170 million. According to this item in The Australian, funds manager AMP Capital
Read more
A modern and fully let office in Wayville, in Adelaide’s inner south-west, has sold for $16 million. The triple-storey complex with 120 car parks at 67 Greenhill Road returns annual rent of approximately $1.106 million. Multiple tenants, including AMP Advice, which has naming rights, occupy the 3308 square metre building, which offered a weighted-average-lease expiry
Read more
It may be third time lucky for Starwood Capital in its attempt to buy the Australian Unity Office Fund. Following failed bids in March and July, the US-based investment group is offering $2.95 per unit – equating to $480 million – for the fund which controls nine assets across the country. The latest offer represents
Read more
A fully-leased industrial investment north of Adelaide has sold for $10.1 million. In Gepps Cross, about 12 kilometres from the city centre, 115 Cavan Road (pictured, top) has been occupied by State Records of South Australia since 2003. The asset was offered with a new five year lease to the state government, which then has
Read more
Interests associated with the Cohen family, founders of vacuum cleaner chain, Godfreys, have pocketed $27.64 million from the sale of seven retail assets across Australia. The portfolio – shops predominantly tenanted by Godfreys – hit the market last month. Promoted as investments, with leases in place, some of the sites offered medium term and medium
Read more
Singapore’s listed Straits Trading Company Limited has announced a joint venture partnership with Commercial & General to manage a portfolio of five Australian logistics assets worth a total of $130.5 million. Straits Trading subsidiary Straits Real Estate will hold an 80 per cent interest in the asset holding named ILP No 1 Trust. It will
Read more
A North Adelaide property said to have once been the family home of Rupert Murdoch (pictured, left) has hit the market. At 17 Tynte Street, about a kilometre from the Adelaide CBD, the dwelling, on a 480 square metre plot, is being marketed for the first time in 35 years by Fox Real Estate in
Read more
Perth-based Ascot Capital has sold a poultry plant in South Australia and an office building in the Australian Capital Territory for a total of $116.25 million. Both sites were purchased by Singapore-based Soilbuild REIT – which has established a wholly owned management investment trust called Soilbuild Australia for its maiden local purchases. Following these acquisitions,
Read more
LEND Lease has been unveiled the preferred “proponent for construction work” for the Adelaide Oval redevelopment.
The Adelaide Oval Stadium Management Authority with the Department of Transport, Energy and Infrastructure selected Lend Lease and its subsidiary, Baulderstone to design and construct a new stadium with a 50,000 person capacity (image of proposal, right).
A copy of Lend Lease’s announcement is below:
Read more
ADELAIDE’s IKEA store is for sale, with a price tag of some $50 million.
The store at 397 Sir Donald Bradman Drive at the Adelaide Airport is being offloaded by direct property fund LEX Retail Property Trust. Unit holders agreed to sell the asset at a meeting last October.
The asset includes 24,500 square metres of area over two levels. The complex was built in 2006 and also includes a cafeteria, office, warehouse, loading dock and car park.
Colliers International’s director of investment services Alistair Mackie is marketing the property, which is on a prime corner adjacent to Adelaide’s principal entry – a developing commercial, retail and industrial hub.
DEFENCE Housing Australia has spent more than $150 million on some 500 houses in Adelaide’s northern suburbs.
The properties have been acquired since 2008 and are concentrated in housing developments near Edinburgh including Playford Alive, Blakes Crossing and around Gawler (train station pictured, right).
DHA has purchased an entire street in the Playford Alive development at Munno Para West.
Read more
PASTA manufacturer San Remo has paid just over $8 million for an industrial property in Dry Creek, in Adelaide’s north.
The deal is Adelaide’s largest industrial transaction for three years. The site was sold by pipe manufacturer Rocla.
It’s reported San Remo will redevelop the 5.8 hectare site after Rocla vacates after a short-term lease back.
Read more
ADELAIDE’S Development Assessment Commission is reviewing an $80 million, 27-level office and hotel development in the Adelaide CBD. The tower (part artist impression, right) would be the city’s fourth highest. Designed by Adelaide group Dash Architects and proposed by the Toga Group of Companies, it’s feared the tower will overshadow a Flinders Street church. The
Read more
TWO years after shutting its doors as a movie house, the historic Glenelg Cinema is set to be demolished and replaced as a small shopping complex.
The 1937 building at 119 Jetty Road (pictured, right) was the subject of an online petition by the Adelaide Chapter of the Art Deco and Modernism Society.
Small cinema crusaders, architecture groups and locals were hoping prominent developer owner Andrew Taplin could strike a deal with Wallis Cinemas for a joint venture, which would have seen the cinema renovated into a seven-screen complex. Its facade would have been retained.
Read more
A TINY development site being marketed as “Adelaide’s smallest block” has hit the market, and is expected to sell for between $230,000 and $250,000.
The 90 square metre city block at 10 Hamilton Place (pictured, right) is the smallest for sale on Adelaide’s real estate market, at present, according to the selling agent.
At Hamilton Place, between Whitmore Square and South Terrace, the block could accommodate a multi-level home that would be larger than apartments being offered in the city, which average between $400,000 to $500,000 and measure less than 100 square metres.
Read more
SOUTH Australia’s Masonic Homes is continuing its push into residential development, announcing a plan to spend $6 million adding more units to a senior housing project. The investment affects the Ridgehaven Rise Seniors Living Community business. It’s part of a plan by Masonic to invest $30 million this financial year on new development sites. The
Read more
SOUTH Australia’s Cockatoo Ridge Winery has sold for $3 million. The 12.8 hectare winery is in Riverland, reportedly Australia’s largest wine grape producing region. Cockatoo Ridge includes offices, a tasting room, laboratory and storage facility. Colliers International marketed the processing facility.
Read more
LAND Management Corporation, controlled by the South Australian government, has released for sale a 200 hectare site at Blakeview, in Adelaide’s north.
Minister Patrick Conlon said the land release will help meet continued demand for allotments. It’s expected to be redeveloped into 3000 homes.
Below is a copy of the government’s press release, regarding the land sale.
Read more