Australian Unity is divesting its massive development opportunity centred around the historic Newmarket Hotel, in Adelaide’s CBD.
ONE North Terrace is a 2,924 sqm landholding on the corner of North Terrace and West Terrace, located between the city’s growing education sector and BioMed City precinct.
It has over 113 metres of street frontage, incorporating the iconic three-level sandstone façade of the Newmarket Hotel, which is set to be retained and restored as a feature of the future redevelopment.
The 142-year-old Hotel has been closed since 2017 and has experienced significant damage. It will become integral to retail and hospitality spaces – at street level and within a 10-level podium structure.
The site has approval for twin 32-storey towers of up to approximately 107 metres, to comprise a mix of residential and serviced apartments.
Sale of the development opportunity is on behalf of Australian Unity’s Healthcare Property Trust (AUHPT).
The health and wealth services giant acquired the site for $38.5 million in 2023 from a Singapore-backed company set up for the project.
Central to key Adelaide infrastructure, including the Royal Adelaide Hospital, SAHMRI (1 & 2), UNISA and Adelaide University’s medical school, the completed property is anticipated to attract medical professionals and support services.
It’s thought the development prospect will “capture the imagination” of both local and interstate developers.
Sale of the property and opportunity is through Colliers’ Jozef Dickinson, Jordan Schmidt, Justin Hazell and Robert Papaleo, via an Expressions of Interest campaign closing Thursday, 29 May.
“Adelaide’s growing reputation as a city for doing business is seeing an unprecedented demand from capital to invest into its very dynamic and fast-growing economy,” says Dickinson.
