Melbourne based Pelligra group has been announced as the buyer for the General Motors Holden’s (GMH) Elizabeth manufacturing site in Adelaide – paving the way for the development of one of Australia’s largest strategically positioned business hub.
Announcement of a confirmed purchaser follows six-month International Expressions of Interest sales campaign, undertaken by CBRE’s Dean Hunt and David Reid, which attracted multiple offers from Australian and offshore groups.
The GMH manufacturing site represents one of Australia’s largest brownfield development opportunities, comprising 12ha of land with existing improvements totaling 287,457 sqm.
The Elizabeth site is situated 20km north of the Adelaide CBD and is ideally positioned to benefit from the significant government investment in infrastructure and business generation in Adelaide's Northern metropolitan area.
GMH proposes to retain a presence across a significant portion of the site, and there is ongoing interest from other major occupiers looking to secure accommodation on the new created estate.
CBRE’s Dean Hunt said the property’s significance and strong future prospects underpinned buyer interest during the campaign.
“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,” Mr Hunt said.
“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.”
Mr Reid said the selection of an investment/development partner marked a major milestone in the site’s future position in Adelaide.
“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,” Mr Reid said.
“The site has the potential create employment opportunities across a wide cross section of industries, such as resources, engineering, logistics, construction, defence, food & beverage and sales. Renewable energies will be a key focus on the estate.”
The property also offers exciting potential for higher order commercial uses along its expansive frontages.
A heritage centre piece is also planned for the site in recognition of GMH's long standing presence in the state.
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