Glencore-owned Viterra in $20m sale

28 Jul, 2015 08:33 AM
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124-130 South Terrace, Adelaide, a property being sold by Viterra.
Viterra is preparing to shift its corporate office to the city fringe
124-130 South Terrace, Adelaide, a property being sold by Viterra.

THE Viterra grains handling group, owned by Swiss commodities and mining giant Glencore since a $6 billion buyout three years ago, is rationalising its property holdings in Adelaide in a sale of office buildings and three parcels of vacant land worth a combined $20 million.

Viterra, a Canadian group which itself was on the front foot in takeover activity when it made a $1.6 billion bid for Australian group ABB Grain in 2009, which resulted in the company becoming one of Australia's biggest grain storage and transportation entities, has aggressively restructured its corporate operations so it requires less office space.

Vacant land holdings which are adjacent to its main five-level commercial office on South Terrace on the southern perimeter of Adelaide's central business district which came under Viterra's ownership after its takeover of ABB and its predecessors, are part of the sale of six different property holdings.

Viterra is preparing to shift its corporate office to the city fringe location of Greenhill Road at Parkside in an office which has less than half the space of its main corporate office at 124 to 130 South Terrace in Adelaide.

Colliers International director Alistair Mackie says the six properties occupy a combined site area of 4857 square metres.

The centrepiece is the South Terrace property, a five-level commercial office building of 4113 square metres with three street frontages that occupies a site of 1648 square metres.

It is close to the southern end of the main thoroughfare of King William St where a tramline was extended into the CBD under a project where siteworks began in 2007.

Mr Mackie says the extension of the tramline was a crucial factor in spurring extra development in the precinct.

"I think the tram has really helped," Mr Mackie says.

The southern edge of the CBD around the King William St area is host to a range of new developments including The Vue apartments complex which is currently being built, and will be Adelaide's tallest residential tower.

He says the precinct, which is adjacent to the south parklands, has a quieter feel than the hustle and bustle of the north-western corner of the CBD where the new $3 billion-plus Royal Adelaide Hospital is being constructed.

"It's got the ambience," Mr Mackie says. There are two smaller stand-alone office buildings being sold, along with three parcels of residential development land.

AFR
Date: Newest first | Oldest first

READER COMMENTS

Jock Munro
30/07/2015 5:03:57 AM

Is this Australia's grains industry?! The South Australians must rue the day that they hocked their co op!
ATB
31/07/2015 4:05:53 PM

Jock, it's an office building. Let it go

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