Inner West Development Planned Following $10 Million Site Sale

Property development and construction company Buildtec has unveiled plans to develop a new industrial estate after purchasing a Netley site near Adelaide Airport for $10.25 million.  

The 17,000sqm site is situated in a prominent inner west industrial location at 336 – 346 Richmond Road, close to South Road and 6km from the Adelaide CBD.  

The site currently has existing improvements with a gross lettable area of circa 8,000sqm, returning a holding income of $410,000 per annum.   

Buildtec has plans to re-develop the land into an industrial site with multiple buildings ranging from 1000sqm – 8000sqm. 

CBRE’s Anthony De Palma and Jordan Kies brokered the sale off market on behalf of the vendors and will also steer the leasing campaign. 

This is the fourth Netley industrial sale to be transacted by CBRE over the past 12-18 months.  

“We saw a strong level of buyer interest in this site. The high-profile surrounding tenants such as Ikea, TNT, Australia Post and the State Opera of South Australia proves that the inner west is a sought-after location for industrial and logistic facilities and we expect significant demand for the planned estate, which will provide turnkey solutions with quick build times,” Mr De Palma said.  

Buildtec Managing Director, Anthony Carrocci said the premier estate could accommodate a single user or multiple tenants and was expected to appeal to a wide range of users, including e-commerce, transport & logistics and airport production related occupiers. 

“With the imminent commencement of the remaining North-South Corridor works and associated road infrastructure upgrades along Richmond Road, this site will attract groups seeking a central location with superior connectivity,” Mr Carrocci said.