This article is from the Australian Property Journal archive
PROPERTY development and construction company Buildtec is planning to develop a new industrial estate after purchasing a warehouse site near Adelaide Airport for $10.25 million.
The 17,000 sqm Netley property in Adelaide’s inner west, at 336-346 Richmond Road, is close to South Road and six kilometres from the Adelaide CBD. Currently, it has existing improvements with a gross lettable area of circa 8,000 sqm and was offered with holding income worth $410,000 per year.
Buildtec will redevelop the land into an industrial site with multiple buildings ranging from 1,000 sqm to 8,000 sqm.
CBRE’s Anthony De Palma and Jordan Kies brokered the sale off-market and will also steer the leasing campaign.
“The high-profile surrounding tenants such as Ikea, TNT, Australia Post and the State Opera of South Australia proves that the inner west is a sought-after location for industrial and logistic facilities and we expect significant demand for the planned estate, which will provide turnkey solutions with quick build times,” De Palma said.
Buildtec managing director, Anthony Carrocci said the estate could accommodate a single user or multiple tenants and was expected to appeal to a wide range of users, including e-commerce, transport and logistics and airport production related occupiers.
“With the imminent commencement of the remaining North-South Corridor works and associated road infrastructure upgrades along Richmond Road, this site will attract groups seeking a central location with superior connectivity.”
Late last year in Netley, Charter Hall Prime Industrial Fund paid $71.3 million for an industrial complex leased to the South Australian government and with medium and long-term development upside
