Adelaide University site sells for $25 million to car park operator

A local car park operator and developer has bought a portfolio of three adjoining properties from the University of Adelaide for $25 million.

The sites at 11-27 Frome Street and 12-18 Synagogue Place occupy 4,157 square metres.

The property consists of an eight-level car park and three older commercial and retail buildings.

The sale was through Paul van Reesema, Alistair Mackie and Ian Thomas of Colliers International.

“The future potential of these sites is vast and as such we received interest from buyers interested in investment, development and value-add opportunities,” said Paul van Reesema.

Mackie said the immediate area had been the focus of extensive development over the past decade and was set to continue with the government’s recent announcement of the Adelaide Riverbank Redevelopment and Festival Plaza project.

It follows the recent sale of another CBD multi-deck car park with development potential, the Union Street Car Park at 52-70 Frome Street, for $27,001,000 by Colliers International.