University purchases North Terrace site
Monday, 10 December 2007
The University of Adelaide has purchased Elizabeth House at 231 North Terrace as part of its long-term strategy to support the University's growth.
The transaction was handled by South Australia's largest commercial law firm, Minter Ellison.
The Vice-President of Services and Resources at the University of Adelaide, Paul Duldig, said the acquisition reflected the long-term growth projections for the University.
"The University is committed to achieving student growth of up to 5% per annum between now and 2012. We are accommodating the growth by a combination of upgrading existing property and, if needed, securing additional property by purchase or lease," Mr Duldig said.
Last week's purchase now brings to four the number of properties either owned or leased by the University on the southern side of North Terrace.
"We have 100% occupation of the neighbouring properties to the east and west of Elizabeth House, so it makes sense to add it to our portfolio," Mr Duldig said.
The University is also undertaking a $45 million refurbishment of 10 Pulteney Street, situated on the corner of North Terrace, which will result in the co-location of a number of the Faculty of Professions Business Schools.