This article is from the Australian Property Journal archive
A LARGE chunk of the former Coca-Cola Amatil site in Thebarton that was set to form part of a new biomedical hub has been snapped up by a local private investor for $23.625 million, and is set to be retained for light industrial use given the ongoing demand in the inner-west Adelaide area for last-mile logistics.
The circa 21,448 sqm super lot is on the corner of Smith Street, Cawthorne Street and Light Terrace. Fully leased, it incorporates around 13,100 sqm of clear span, high clearance, sprinklered last mile logistics accommodation across 10 tenancies.
The sale was negotiated by Max Frohlich of Knight Frank and Jamie Guerra and Anthony De Palma of Leedwell Property on behalf of Pep Rocca’s Curated Capital.
“The buyer intends to retain the asset for light industrial use for the foreseeable future, with this location in strong demand for last mile logistics users,” Frohlich said.
“In the meantime they will capitalise on the growth in the area with the asset positioned in the immediate vicinity of Adelaide’s $3.8 billion bio medical precinct – the largest health and medical research precinct in the southern hemisphere, along North Terrace.”
Curated Capital had harboured plans for a Bio Hub with laboratory, medical and office buildings on Port Road, and a hotel, townhouses, retirement living and car park on the western section of the site. The rear portion – the part that has just sold – was deemed surplus to requirements for development of the project.
Curated Capital still intends to deliver the $100 million Bio Hub.
“This site will benefit from significant mooted development in the area, including on the balance of the former Coca-Cola site next door, the new $3.2 billion Women’s and Children’s Hospital along Port Road and a 1,000-home residential development on the 8.4-hectare former West End Brewery site,” Frohlich said.
Guerra said the buyer of the super lot would have the benefit of not only growth in the future, but positive rental reversion, with the site currently under-rented.
“It’s a prime inner city ring investment with secure holding income, as well as the added bonus of major development upside for the future,” he said.
Beverages giant Coca-Cola Amatil closed the bottling plant in 2018 as part of efforts to remodel its supply chain and sold it, together with two smaller assets, for more than $37 million the following year. In all, the land covered 3.5 hectares. Some was picked up by Anglicare South Australia for development into affordable housing.
According to Knight Frank research, there were 15 industrial sales above $5 million in Adelaide in the June quarter, with the total collective sale value being $263.7 million, bringing the 2024 calendar year total $357 million.
