The former home of the Messenger newspaper group in Port Adelaide is set to spread the word of L. Ron Hubbard following the site’s recent acquisition by the Church of Scientology.
The church paid $3,238,000 for the 4700-square-metre property at 1 Baynes Place in an off-market deal, having received council consent to convert its use to a designated place of worship.
The Church now plans on refurbishing the 3535-square-metre building.
Tom Isaksson and Jack Dyson, of Colliers International, helped negotiate the deal after the church, which is currently based in the Adelaide CBD, approached them for assistance.
Mr Isaksson said that the site was originally acquired from Messenger Newspapers, a subsidiary of News Corp, in 2013 by a private investor active in the Port Adelaide area and had sat vacant ever since.
The investor had intended to hold the property as “a long term land bank,” but Mr Isaksson said that they were happy with the church’s plans for the site and agreed to a deal.
Domain Group data shows the site sold in 2013 for $1.76 million.
Mr Isaakson attributed the rapid growth in the site’s value to the changing market in Port Adelaide, driven largely by activity in the defence sector, with the current submarine and frigate construction projects.
“People are starting to recognise the tide of investment surging back into Port Adelaide and surrounding areas on the back of significant defence expenditure, namely the Osborne Naval Shipyard,” he said.
Residential development in the area was also helping to pique investor interest, Mr Isaksson said.
“Additional new projects in Port Adelaide also include Dock One by Starfish, which will include circa 750 townhouses and apartments. Cedar Woods is finalising its design for the North West and Fletchers Slip precincts, which will comprise around 500 homes.”
Messenger newspapers, which publishes a number of local news titles, vacated the Port Adelaide site in order to relocate to the News Corp Adelaide offices at 31 Waymouth Street, in Adelaide.
Among the titles still published under the brand are the Portside Messenger, which covers the Port Adelaide area.
Keep up with Commercial Real Estate news.