SANFL News
28 Nov 2014
The SA Football Commission has formally signed a contract with developer Commercial & General for the sale and 10-15 year redevelopment of the AAMI Stadium precinct at West Lakes.
As part of the agreement concluded at 3pm today (Friday 28 November 2014), the SANFL received an up-front payment of $10 million which was transferred to the AFL to retire debt.
Commencing in 2016, the SANFL will start to receive payments totalling a further $61 million by 2027 as part of a staged redevelopment of the precinct.
SA Football Commission Chairman John Olsen said the contract signing was “the final part of the transition process” to Adelaide Oval.
“We are pleased to have achieved this outcome after a very lengthy and detailed evaluation process,” Mr Olsen said.
“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.
“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.
“For many within the SANFL, the decision to leave AAMI Stadium for Adelaide Oval has been a very emotional one. Now, with the signing of this agreement, we have secured a legacy for our code and one that will benefit football across the State.
“This precinct has been an important part of life in West Lakes for 40 years, and we would like to assure the local community that it will remain so moving forward.
“We have a commitment to the Adelaide Football Club to retain and maintain the main oval as a training base, and the future development will also continue to provide large areas of public open space.”
Future investment
SANFL CEO Jake Parkinson said the long-term financial return from AAMI Stadium’s redevelopment would be critical to game development in South Australia.
“The SANFL is the sole body responsible for game development in South Australia, providing pathways for the 110,000 players who pull on the boots in this State every weekend,” he said.
“We invest more than $4m into football programs every year, including game development programs, diversity and multicultural programs, regional development programs, high performance programs and umpiring.
“Another $4.7m is provided to the SANFL league clubs in Game Development Grants to help provide the pathway for players striving for a career in the AFL. So this money is absolutely critical to our future.”
Project details
The existing oval will be retained for training by the Adelaide Football Club, which has a lease over the site until 2048. The remainder of the 23.5 ha site – which is bound by West Lakes Boulevard to the north, Frederick Rd to the east, Brebner Drive to the south and Turner Drive to the west – is available for redevelopment.
It is anticipated the project will eventually include at least 1600 homes with an array of living options available including architecturally designed homes, townhomes and apartments. The project is set to deliver a cosmopolitan café and dining culture, boutique shopping strip, public open spaces and lifestyle offerings.
Commercial & General intends to launch the project in late 2015 with the development of the site expected to evolve over the next decade.
The company will also be setting up a community engagement process to ensure the views of local residents inform planning of the development.
More details about the project will be released by Commercial & General in 2015.
Last Modified on 02/12/2014 10:21