Hindmarsh and its joint venture partners, The Kambitsis Group and PT Building Services, have announced the sale of the Flinders Link development in Adelaide to SachsenFonds Australian Property, the Australian arm of the German-based property syndicator and funds management group SachsenFonds Gmbh.
Flinders Link is the largest development in Adelaide in more than a decade. The $156 million sale represents a record low yield for Adelaide.
Located in Adelaide’s CBD, Flinders Link incorporates two office towers (IAG being
12 500m2 and Santos 15 500m2) and a multi-deck car park of 700 bays. Pedestrian access links the development with the commercial and retail precincts on the northern side of the city.
Four separate stages are involved in the sale.
Peter Gibberd, Hindmarsh General Manager for South Australia, said the company was pleased to have concluded the sale with its partners, the Kambitsis Group and PT Building Services. It is a rewarding result to a project that commenced five years ago.
“Flinders Link is not only the largest project constructed by Hindmarsh, it is also one of the most important that we’ve been associated with since the company entered the South Australian market in 1985,” Mr Gibberd said. As well as being involved with its partners in the development, Hindmarsh is the builder and car park operator.
Hindmarsh was recently awarded the Master Builders Australia 2006 National President’s Award for Excellence in the building and construction industry.
Contact: Peter Gibberd, Hindmarsh General Manager (SA) - 08 8228 4100