Centennial offloads first Adelaide asset

The asset can sleep 405 in nine buildings including a 96 unit apartment complex.

Centennial Property Group has sold the student accommodation complex which was its first Adelaide investment eight years ago.

The University of Adelaide Village at 210 Grote Street is trading to Cedar Pacific for $50 million.

The seller paid $42.5m.

That vendor, South Australian builder Commercial and General, developed the complex for the University of Adelaide in 2005.

The Village

On 5333 square metres, with significant frontage to Morney St, The Village, as it is also known, can sleep 405 within nine buildings, including a 96 unit apartment complex.

There are also 77 car parks.

The university rents the lot – for local and international students; its initial lease expires in 2024 (story continues below).

Knight Frank’s Oliver Totani represented Centennial, a Sydney based property syndicator; the property was also offered in 2019 with a c$50m guide by a different marketing agency.

Following settlement, Cedar Pacific will control more than 7000 beds in Australia and New Zealand – set to balloon to over 10,000 by 2025.

In Adelaide its book includes a 430 bed asset at 30 Victoria St, held since 2015.

In Melbourne, it recently completed high rise complexes at 480 Elizabeth St (with 909-beds), 17-23 Wills (656 beds) and 293-303 La Trobe (715 beds).

The group was an underbidder for the $2 billion Urbanest portfolio, with 6805 beds across 14 assets – seven in Sydney and two in Melbourne – offered in 2019, three months before the national lockdown.

Scape Australia was that purchaser.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.