Three weeks after backing the construction of a Kangaroo Island golf course, resort and residential community, Pelligra has acquired an Adelaide CBD office.
The group is paying local investor Peter Tunno $25.5 million for 80 King William Street, at the north east corner of Grenfell.
Pelligra chairman Ross Pelligra said it is set to spend another c$30m refurbishing the predominantly vacant 12 storey, 8373 square metre building, also known as the William Grenfell Centre.
The capital works program includes a new façade.
Knight Frank’s Oliver Totani and Guy Bennett with Savills’ Rino Carpinelli and Ryan Mills represented Mr Tunno’s Southern Cross Equity Group.
Pelligra invests again in Adelaide
The King William St deal comes nine months since Pelligra acquired a three level office at 157 Grenfell St – part of the Citicom complex.
Last year, the Melbourne landlord and developer paid Cromwell $30m for Adelaide’s ex-Calvary Wakefield hospital, with plans to refit it as medical hub.
Elsewhere in the CBD, the group recently completed a renovation of 89 Pirie St, which contains about 7000 sqm of commercial area.
In the suburbs, it also snapped up the former Adelaide Arena – built in 1992 as the Powerhouse.
Pelligra also recently purchased the licence for the Adelaide Giants baseball team from the Adelaide Crows (story continues below).
The William Grenfell Centre neighbours the Southern Cross Arcade site (60 King William St), which Charter Hall is replacing with a 15 level, 40,000 sqm office – part of which has been pre-committed to Services Australia.
Tee off at Kangaroo Island
The purchase of 80 King William St comes nearly three weeks since it was reported Pelligra agreed to financially back a golf course based project at Kangaroo Island – a $50m investment.
On land co-owned by Sam Atkins, stages one and two of the project, including the course (to be known as Cliffs Kangaroo Island), clubroom, restaurant and bar, is set to be delivered by Easter, 2023, at a cost of just over $20m.
The balance of the c223 hectare block, with eco-friendly accommodation, will be developed in the couple of years after that.
Construction of a desalination plant required for the project started earlier this year.
The Cliffs has been penned by Darius Oliver, who also created the Cape Wickham Golf Links, on Tasmania’s King Island.
Mr Pelligra said the South Australian course will be world class and the tourist accommodation will be luxury.
Almost half of the 440,000ha Kangaroo Island was ravaged by bushfires in January, 2020.
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