Lutherans buy replacement HQ
After selling its sprawling North Adelaide headquarters last year, the Lutheran Church in Australia has tipped part of the proceeds into a replacement, in town.
The five storey office developed in 1990 at 139 Frome Street set the religious group back $11.7 million.
About 60 per cent of the 3158 square metres recently renovated A-grade space will eventually be occupied, including for the Australian Lutheran College.
The balance will be offered to existing tenants; it is 57pc leased, to, amongst others, Crawford IT, Crawford Legal, Smart Energy, Lendlease and Next DC.
There is also a ground floor café tenancy and 26 basement car parks.
The Commercial 1 zoned site, spreading 1170 sqm, also fronts Sudholz Place.
It is close to Bethlehem and St Stephen’s Lutheran churches too, the buyer said.
JLL represented the vendor, which paid $11.4m in early 2022 (story continues below).
Interstate move considered
The church last year banked $52.5m divesting its 1.9 hectare long-time former base, including heritage protected components, in pieces.
Nine of the blocks deemed unnecessary to the vendor’s needs were bought by the Greenwood Group for a luxury residential project.
The Lutherans looked interstate for a replacement HQ.
The not-for-profit is now refurbishing its Frome St area. It hopes to relocate August.
Other profits from the North Adelaide relocation will go into an investment fund to support future initiatives.
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