GMH to offer for sale one of Australias largest brownfield development sites
GMH to offer for sale one of Australia's largest brownfield development sites
| 16 March 2017
Automotive giant General Motors Holden (GMH) is preparing to sell its Elizabeth manufacturing site in Adelaide – providing one of Australia’s largest brownfield development opportunities.
The GMH manufacturing site comprises 122ha of land with existing improvements totaling 287,457sqm.
CBRE’s Dean Hunt and David Reid have been exclusively appointed to steer the sale campaign, which is expected to generate significant local and international buyer interest.
The Elizabeth site is situated 20km north of the Adelaide CBD. The existing buildings are all currently occupied by GMH and there is potential to negotiate leasebacks during the decommissioning phase as well as future occupation requirements across a significant portion of the site.
CBRE Senior Director Dean Hunt said; “Interest is expected to be strong from onshore and offshore groups due to diversity of the offering, the partnership opportunities it presents and the potential leaseback income.”
“Future development prospects are diverse, with potential rezone options allowing for gentrification to residential, health care and commercial uses.”
Expressions of Interest close Thursday 27th April 2017.
CBRE’s Mr Reid said GMH’s Elizabeth buildings had been maintained to a high quality, providing strong prospects for future leasing including alternative repurposing, beyond GMH’s occupation.
“This will underpin buyer interest given the limited vacancy in the South Australian industrial sector together with the significant connective upside offered by its location,” Mr Reid said.
“The campaign provides an opportunity to secure a readymade industrial estate with the ability for further development of the vacant land.”
Mr Reid noted that a key attraction for purchasers would be the property’s four street frontages, which would benefit development outcomes for large format retail and service industries.
“With 1.8 kilometres of main road frontage, there is potential to create a destination precinct centrally located in a massive trade area demographic. Being almost an Island site, there are obvious land division opportunities,” Mr Reid said.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.