Shahin family’s Peregrine Corporation offloading huge city car park

Offers of more than $70m are expected for the North Tce car park, which is owned by one of the state’s richest families.

The Adelaide Central Car Park on North Tce. Picture: Supplied by JLL

The Shahin family’s Peregrine Corporation is looking to offload one of Adelaide’s largest car parks following a recent lease renewal.

Offers of more than $70m are expected for the Wilson Parking-operated Adelaide Central Car Park, next to David Jones on North Tce, which offers 1206 car parking bays and a number of specialty stores.

Peregrine tested the market in 2018 with a portfolio of three CBD car parks in Adelaide, including Adelaide Central and two other Wilson car parks on Frome St and at Millers Arcade on Hindley St.

At the time, it was seeking offers of around $200m for the trio of properties, but it failed to broker a deal with interested buyers and retains ownership of all three properties.

It has appointed JLL’s Ben Parkinson, Jack O’Leary and Luke Billiau to find a buyer for the North Tce car park, which generates a passing net annual income of around $4.92m under a recently renewed three-year lease term with Wilson.

The property is fully leased and also generates a small amount of income from on-site signage.

JLL SA managing director Ben Parkinson described it as “one of Adelaide’s largest and most established” car parks.

“This is a generational asset in a premier location. Its scale, prominence and strategic importance within the city’s transport and commercial infrastructure make it a standout in the national investment landscape,” he said.

“Adelaide Central Car Park’s proximity to major retail, tourism, education and medical precincts – including Rundle Mall, Adelaide University, the Art Gallery of South Australia and the Royal Adelaide Hospital – ensures consistent demand and strong ongoing relevance as the city continues to grow and evolve.”

Built in 1963 and spanning eight levels, Adelaide Central Car Park is the only car park in the city featuring dedicated traffic lights, with six lanes of ingress and egress.

Peregrine, which completed the $1.2bn sale of its OTR fuel and convenience chain to Viva Energy last year, retains significant property holdings in Adelaide’s CBD, including retail properties on Rundle Mall and office towers, as well as agricultural interests and The Bend Motorsport Park at Tailem Bend.

It paid $47.7m for the North Tce car park property in 2008.

An international expressions of interest campaign closes on May 8.