Holden’s Adelaide site to become $250m business park
The former General Motors Holden site in Adelaide is set to be transformed into one of Australia’s largest business hubs, after its purchase by the Pelligra group.
Melbourne-based Pelligra was today announced as the buyer after a six-month international expressions of interest campaign to find developers interested in purchasing the site.
The Elizabeth site, 20km north of Adelaide’s CBD, comprises 12ha of land, as well as improvements totalling more than 287,000sqm, but will now become a major business destination under an ambitious $250 million plan.
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GMH plans to retain a major presence on the revamped site, while commercial agents CBRE say there is already interest from major companies seeking space in the soon-to-be-created estate.
CBRE’s Dean Hunt, who marketed the property with colleague David Reid, says the property’s size and the opportunity it presented meant a significant number of potential suitors came forward.
“The GMH manufacturing site is a significant property that represents a unique opportunity in the Adelaide market – offering a precinct size property with attractive development potential, and with the benefit of immediate income through leaseback to GMH,” Hunt says.
“A preferred developer has been identified for the property based on track record performance, ability to deliver a high quality outcome and willingness to work in with local authorities and the community.”
Reid says the site’s development would generate significant opportunities for Adelaide’s business community.
“The long-term vision for this important site is that it will be transformed into a masterplanned, innovative business park, providing employment opportunities for new and established industries,” he says.
“The site has the potential to create employment opportunities across a wide cross section of industries, such as resources, engineering, logistics, construction, defence, food and beverage and sales. Renewable energies will be a key focus on the estate.”
