Adelaide’s most prestigious schools sitting on land worth $12bn to would-be developers

From exclusive addresses to ritzy real estate hotspots, SA’s priciest private schools sit on prime land estimated to be worth billions. See the biggest portfolios mapped.

South Australia’s richest private schools have prime real estate holdings estimated to be worth more than $12 billion, with one school located on a vast holding near the CBD valued at nearly $3 billion.

Some of those schools are also eagerly purchasing land around their schools to set themselves up for future expansion, but also further pushing up house prices in some of Adelaide’s most pricey suburbs.

St Peter’s Boys school, on the edge of the CBD has the most valuable landholding among private schools. The school sits on 32ha of land in College Park which would be worth $2.86 billion if developed.

Nearby, Prince Alfred College at Kent Town occupies 9.8ha, which carries an estimated value of $644 million.

RANKED: SA’S RISING BOARDING SCHOOL FEES REVEALED

The Advertiser has calculated the values based on information provided by the Office of the Valuer General, which provided an average dollar capital value per square metre for residential properties in the suburbs where the schools operate.

St Peter's College sits on 32ha of land which could fetch almost $3b if developed. Picture: File

Schools sit on billions

Prince Alfred College in Kent Town. Picture: Dean Martin

The Advertiser calculated 21 private schools across Adelaide were sitting on an estimated residential land value of $12.1 billion.

Harris property consultant and auctioneer Tom Hector said many of the private schools were located in prestige suburbs.

“It’s some of the best real estate in the city,’’ Mr Hector said.

However, Mr Hector said, prices in those suburbs were also being driven up by schools such as St Peter’s, PAC and Pembroke in Kensington Park which were buying properties near their schools as the planned to expand in coming years.

And those schools have much deeper pockets than the average homebuyer.

“They are sitting on such enormous amounts of cash,’’ he said.

Riches in the eastern suburbs

St Ignatius College’s Athelstone campus sits on 16ha. Picture: File

Pembroke currently has 7.5ha of land in Kensington Park in the eastern suburbs, with an estimated residential land value of $500 million.

Elsewhere in the eastern suburbs, St Ignatius College at Athelstone sits on 16ha of land, with a value of $679 million, while the nearby Rostrevor College at Woodroofe also covers 16ha and is worth $709 million.

Fox Real Estate agent Marina Ormsby, who sells in Prospect where prestigious Blackfriars Priory School is located, said should the school ever be transformed into housing, it would be a hit with buyers.

Blackfriars covers 4.5ha in Prospect, with an estimated value of $280.7 million.

Rostrevor College also covers 16ha valued at more than $700 million. Picture: File

A hot Prospect

“The Prospect market is hot – in a three-week campaign we would take 50 to 100 people through each listing, and this is for prestige properties,” she said.

It’s a well-located pocket of real estate and definitely in the blue chip part of the suburb.”

But she said that while houses were needed, she said the school was a vital and attractive amenity for the area.

“It’s an iconic school in the area and there are generations that have attended that school with deep roots in the local community,” she said.

“Schools play and important part in families selecting suburbs they want to raise their children in.

“In terms of carving these schools up for housing, some things should just never happen.”

Schools add value to suburbs

Wilderness School is located in exclusive Medindie. Picture: NCA NewsWire / Morgan Sette

The exclusive girls’ school Wilderness sits on 2.14ha of land in Medindie, close to some of the most expensive homes in the state. If developed, it has an estimated value of $188.1 million.

John Williams of Williams Real Estate said it would be “extremely hot property’’ if it ever came onto the market.

“Medindie’s one of the smallest and most exclusive suburbs in SA. It’s very tightly held and people wait to buy properties in here for years.,’’ he said.

“It’s incredibly valuable land and there’s a lot of history in that area.

“People would love to build contemporary homes in that area and I’m sure were this ever to happen they would sell in no time.

“If they’re built to the same quality it wouldn’t affect the value of what’s already there, but if they were built cheaply it could pull the value of some of its neighbours as it would affect its exclusivity.

“The flip side to all if this is that a lot of people buy in Medindie to be close to Wilderness and be able to have their daughters walk to one of the best girls’ schools in the state – take that away and you’re going to remove some very serious value about why people want to live in Medindie.”

Originally published as Adelaide’s most prestigious schools sitting on land worth $12bn to would-be developers