SANFL sells AAMI Stadium at West Lakes for $71m for residential housing development

TWO years after the final football siren, SANFL has sold AAMI Stadium for $71m. The new residential area will boast 1600 houses, cafes, restaurants and a boutique shopping strip

THE SANFL has sold land at the AAMI Stadium precinct to a housing developer for $71 million.

The SA Football Commission struck a deal with developer Commercial and General for the sale of the precinct today at 3pm.

Commercial and General paid $10 million upfront to the SANFL and will continuing paying an extra $61 million in instalments over 11 years from 2016.

Under the deal, the Adelaide Crows will remain at West Lakes and continue to use the stadium as its base away from Adelaide Oval.

The rest of the 23.5ha site, between West Lakes Blvd and Turner and Brebner drives, will be open for redevelopment.

The redeveloped site will boast about 1600 homes along with cafes, restaurants and a “boutique shopping strip”.

An SANFL statement Commercial and General will launch the project next year.

SANFL’s chairman John Olsen said the deal was “the final part of the transition process” to Adelaide Oval.

“By securing an up-front payment of $10 million we have been able to extinguish our debt with the AFL, money we borrowed as part of the $16.25m we gave to Port Adelaide to keep the club viable ahead of the move to Adelaide Oval,” Mr Olsen said in a statement.

“The rest of the money is critical to our future, not only in terms of further lowering our debt profile — which now stands at $45m including SANFL club debt — but also as a future fund for football in South Australia.”

Commercial and General managing director Jamie McClurg is also behind a $180 million entertainment complex at Salisbury which is awaiting ministerial rezoning approval.

The SANFL built AAMI Stadium in 1973. The first football game was played on May 4, 1974 between Central District and North Adelaide.