The sale of one of Adelaide’s most well-known and prized pieces of land – Highgate Park – is one step closer, with a market sounding process now underway set to identify interested potential buyers.
Agents JLL and Savills have been appointed to conduct the process.
Formerly known as the Julia Farr Centre, the 2.85ha site in Fisher Street, Fullarton, presents a unique opportunity in the real estate market.
Following thorough independent consultation with the disability sector on the future of the site, the sale of the Fullarton campus and using any proceeds to benefit people living with disability was strongly supported.
The Minister for Human Services Michelle Lensink is sole trustee of the trust that owns Highgate Park and Renewal SA is managing the sale of the site on behalf of the trust.
“Highgate Park’s sale presents an exciting opportunity for investors to deliver something new on this prime site in Fullarton,” said Minister for Human Services Michelle Lensink.
“The market sounding process will enable us to understand the level of interest and possible outcomes for this well-known parcel of land.
“Crucially, any proceeds from the sale of Highgate Park will strictly be used to benefit South Australians living with disability.”
Minister Lensink said a working group has now been established to consider the future focus of the trust and provide advice to the Minister during the sale process.
“The new working group will ensure that people with disability, their families and those with sector expertise all have a seat at the table as we create the next exciting chapter for the Trust,” said Minister Lensink.
Head of Sales at JLL Roger Klem said he expects the site will peak a wide range of interest from developers.
“We expect interest to come from a wide range of local and interstate developers, some of whom may be bankrolled internationally,” said Mr Klem.
“The opportunity exists to develop the site into anything from residential, seniors living, aged care, mixed use and high-end hotels.
“Prudent developers are likely to master plan the site to maximise the zoning guidelines and unlock one of the largest and last remaining prestige landholdings in the inner metropolitan area.”
Mr Klem labelled the site “one of the most significant infill sites offered to the market since the Glenside development” and said the site which will stimulate significant employment during construction.
The sale of Highgate Park will proceed via a formal EOI process to commence in early 2022.