Adelaide’s most-expensive ever single-home site part of blockbuster North Adelaide deal

Ward, Jetfcott and Archer Streets, and Wellington Square, North Adelaide

Adelaide’s most expensive-ever single-home parcel is part of the blockbuster $50 million-plus sale of a North Adelaide mega-site.

James Juers and Simon Lambert of McGees Property managed the Expressions of Interest of campaign of the 1.9-hectare site, which comprises 12 separate allotments across multiple titles with frontages to Ward, Jeffcott and Archer Streets and Wellington Square, in a prime inner-city location within walking distance to world- famous Adelaide Oval.

It marked the first time in over 100 years the site was for sale. Juers and Lambert, acting on behalf of the Lutheran Church, generated more than 350 enquiries and achieved a result well in excess of the vendor’s expectations.

The cumulative sale price is in excess of $50 million.

The transaction includes four buyers, from South Australia and interstate. Integral among them is Chris Diamantis and his Genworth Group, specialises in custom-built homes and is a name synonymous with North Adelaide. Across the site, the buyers plan a mix of single-home developments and repurposing of existing structures.

The site was offered with vacant possession. It comprises the Lutheran Church in Australia’s national headquarters, and includes a residential college, apartments, hostel rooms and townhouses, an office building, refectory, library, vacant development sites, and the State Heritage-listed Hebart Hall on Jeffcott Street, punctuated by its striking clock tower.

“This was a once-in-a-century opportunity for the Adelaide market,” Juers said.

“Fittingly for an offer of this magnitude, the transaction includes a site that, once settled, will set a record for the most expensive-ever parcel of land to be used for a single dwelling in Adelaide.”

That single home parcel, which measures at circa 5,000sqm, accounted for more than $15 million of the total transaction price. The buyer of the parcel is a private purchaser.

“Another exciting aspect of the deal is that the purchaser of Hebart Hall is planning on converting the building to a residence – which it has never been used for in its 142-year history,” Juers said.

The purchaser of the circa-1882 Hebart Hall is based in Sydney. Genworth Group acquired multiple parcels.

“We’re working on plans and working through our feasibilities now,” Diamantis said. “It’s yet to be determined. We expect to have it resolved in the next four to six weeks.

“We’re probably looking at four different projects in a way that we cater for a variety of demographics. We’ll be doing a very large private super high-end residence, as well as build-to-rent – probably two smaller towers with 25 to 30 apartments – we also might do some townhouses for down-sizers, and possibly retirement living.”

“I’ve done lots of business in North Adelaide, and I know it intimately. I also know quite a lot of the residents of North Adelaide who dealt with over the last 36 years. I’ve got a very good idea of what North Adelaide needs, and that’s what we’re trying to cater for.

“We’re really looking forward to developing the land and coming up with something that I think North Adelaide is screaming for, really.”

Lambert said, “The campaign generated more than 350 enquiries from buyers across Adelaide, Australia and overseas, which together with the final result demonstrates the strength of Adelaide’s residential and development market – particularly in blue- chip suburbs such as North Adelaide.”

“People want to be close to well-located hospitality and lifestyle amenity. This site is close to all the restaurants, cafés, bars and shopping of the CBD and North Adelaide, and is moments from Adelaide Oval, parklands and gardens, North Adelaide Golf Course and Adelaide Zoo.”

He said the campaign saw notable interest from the developer market, especially from those looking to develop single dwellings in a premier Adelaide location, amid strong demand for residential product in the area, and stabilising interest rates and construction costs.

“More generally, we had a broad range of buyers show interest given the property’s location, range of potential income streams, and its valuable City Living zoning, which also allows for medium- to high-density mixed-use residential.”

Juers said, “We ran a cutting-edge marketing campaign, and we collaborated with planners, Council and other professional consultants prior to taking the property to the market, to ensure an efficient sales process, given the complexity of the offering.”

“Our instructions were clear – to achieve the best possible price but within a reasonable timeframe. As such, we planned the sale and ensured there was sufficient due diligence undertaken by the vendor before releasing the property to the market for sale.

“This allowed for an informed purchase by the buyers with minimal delays. The property was offered to the market in April, and sold in June.”

The site has been associated with education uses since 1854 and the early days of South Australia. The United Evangelical Lutheran Church in Australia purchased the site in 1922 and established it as Immanuel College. The college moved to Novar Gardens in 1957, and the North Adelaide site over time became the church’s main tertiary education institution, providing education and accommodation to pastors, teachers, church workers and volunteers through the Australian Lutheran College.

The Lutheran Church will use proceeds from the sale to support its mission and ministry. It is currently searching for a new home, potentially in the Adelaide CBD or city fringe.