This article is from the Australian Property Journal archive
GDA Diversified Property Trust has grabbed the campus-style Adelaide offices of defence tech giant Lockheed Martin – the aerospace company that builds F-35 fighter jets and Hellfire missiles – in a $28.2 million off-market deal.
The three-level building at 5-10 Third Avenue in Mawson Lakes is fully leased to Lockheed Martin Australia, housing about 350 staff. It has a net lettable area of approximately 5,358 sqm on an L-shaped 3.312-hectare site within Technology Park, with car parking provisions for around 550 vehicles around the building.
The building has floorplates divided into two wings, with open plan office areas positioned to either end of the building with reception, common areas, lifts, amenities and plant rooms located centrally in the junction.
The asset was originally completed in 1998 substantially upgraded by Lockheed Martin in 2018.
The facility has low site coverage of less than 10 per cent with significant room for further expansion of the building if required.
Knight Frank agent Max Frohlich introduced GDA to the vendor, a Melbourne-based private syndicate.
Technology Park is a community high-tech organisations, anchored by global companies such as BAE Systems, Ultra Electronics, Codan Limited, Kongsberg, Saab Technologies, Ellex Lasers, and Raytheon Australia, Technology Park is now home to over 100 companies including Lockheed Martin.
He said, “South Australia’s defence programs benefit from a highly connected and coordinated defence and space ecosystem located in high technology precincts and industry clusters like Technology Park at Mawson Lakes.”
Technology Park has recently seen aerospace and defence company Saab Australia commit to an $80 million expansion including a manufacturing and education hub and Kongsberg Defence Australia expanding their operations with a new, $15 million investment in a purpose-built facility under construction.
Lockheed Martin Australia’s South Australian operations made up the largest share of its Australian workforce, at around 40%.
“The calibre of Lockheed Martin as a tenant and strategic nature of the Technology Park precinct were both key considerations of the incoming purchaser, GDA,” he said.
“The recent announcement that Lockheed Martin Australia has been selected as the Australian Defence Force’s trusted, long-term sovereign partner for AIR6500 – a program that will provide the Australian Defence Force with a Joint Air Battle Management System for the future Integrated Air and Missile Defence capability – has only bolstered Lockheed Martin Australia’s blue-chip credentials.”
The sale follows the Department of Defence’s acquisition of 620 Mersey Road in Osborne from Australian Unity for $46.75 million.
The Maswon Lakes transaction brings total office transactions above $10 million in Adelaide for the 2023 calendar year to $307.45 million, according to Knight Frank data, including one unconditional exchange. Only one-third of these sales by value have taken place in the second half.
