Pep Rocca buys University of Adelaide’s Thebarton Campus
A group of Adelaide investors led by Pep Rocca of Australasian Property Developments will overhaul the University of Adelaide’s Thebarton Campus, after buying it for a price in the mid-$20 million range.
The purchase fits well with the ambitions of Australasian Property Developments, an Adelaide-based investment and property development company that holds major Adelaide CBD and metropolitan assets.
Thebarton Campus sits in the north west of the city’s CBD and spans about 4ha of land, with over 22,000sqm of commercial and industrial improvements.
The site has cashflow opportunities and development potential given its urban corridor zoning, and a building height limit of six levels.
With 28 buildings, the portfolio also has holding income for the purchaser while it plans a redevelopment.
The deal was handled by transaction manager Realtycorp Property Solutions and brokered by Colliers International’s Paul Van Reesema, Alistair Mackie and Paul Tierney.
Van Reesema says the site generated phenomenal interest, with the sale price in line with the vendor’s expectation.
“This sale represented a unique opportunity to acquire a major inner metropolitan infill land holding,” he says.
Mackie says the campus is one of the city’s most significant development or value-add investment opportunities.
Thebarton Campus is occupied by multiple third party tenants, including the University of Adelaide for several of its faculties and records storage.
The University’s vice-chancellor Warren Bebbington says the university will continue to occupy various tenancies following the sale, by way of leasebacks on commercial terms.
“The sale was part of our divestment plan to fund our new medical, dental and nursing building, now nearing completion next to the new Royal Adelaide Hospital,” Professor Bebbington says.
This article originally appeared on www.theaustralian.com.au/property.