Melbourne investors trade vacant Adelaide office
Alternative investment house Wingate – since mid-last year owned by CapitaLand – with IP Generation founder, Chris Lock, have taken a haircut selling an Adelaide office held seven years.
The c1991 ex-SA Department of Infrastructure and Transport building at 77 Grenfell Street collected $45.7 million following a campaign launched 11 months ago.
Guide was $65m.
The 20 level building with 15,888 square metres of offices, 596 sqm of retail and 37 basement car parks was in 2023 vacated by the state government.
Residential conversion coming
Wingate and Mr Lock, via an entity, Win IPG, paid German fund manager Real IS $103.5m for 77 Grenfell St.
The pair intended to refurbish in an attempt to retain the tenant (continues below).
In 2022, they obtained a 6-star NABERS Waste rating – one of only six Australian offices at the time to carry that score.
The incoming owner is Les Smith, director of LAS Group, which is planning to repurpose the shell as student accommodation or a co-living investment.
Colliers’ Jordan Schmidt and Alistair Mackie with JLL’s Ben Parkinson, Luke Billiau and Jack Bergin were the agents.
IP Generation has since last year been controlled by MA Financial.
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