A vacant prime industrial and logistics facility in Adelaide’s inner north has sold in a strategic off-market deal for $22.5 million, as the market experiences strong demand from owner-occupiers.
The 2.91-hectare property at 400-416 Martin Road in Green Fields, known as the Inner North Distribution Centre, has 12,152sq m of space over two buildings, including office accommodation split over two levels. It also has a massive concrete hardstand area of circa 4,500sq m, and 62 car parks.
The asset has been purchased by an owner-occupier, Carpet Call, in a deal negotiated by Knight Frank agents Ryan Mills and Max Frohlich. Carpet Call are the largest 100% Australian owned flooring retailer with a property portfolio across WA, VIC, NSW QLD and SA, with the group currently leasing a facility in Dry Creek.
The property’s features include full drive-around access for trucks, a breezeway and canopy for protected undercover storage and loading, high clearance of up to 7.5 metres and multiple on-grade roller doors.
The Distribution Centre is 19 kilometres north of the Adelaide CBD, situated in an established industrial precinct well connected to Adelaide’s transport network, with convenient access to major arterial roads including Port Wakefield Road, Northern Connector and Port River Expressway.
Mr Mills said the off-market approach for the property had been highly targeted, resulting in a successful outcome for the vendor.
“We secured a strong result by reaching out to qualified buyers in our database,” he said.
“Currently Adelaide’s industrial market is seeing strong buyer interest from owner occupiers looking to acquire industrial assets for owner occupation.
“Being vacant, this property was highly sought after, as it provided an opportunity for the buyer to move in immediately.”
Mr Frohlich said: “This sale is one of those transactions that is a win-win for both the vendor and the purchaser – with the price above its investment value, but well below its replacement cost.
“While the asset was on the market for lease, the scarcity of high-quality industrial buying opportunities for owner occupiers in South Australia and the increased cost of land, construction and funding new developments, was the catalyst for the buyer to ultimately pay a higher price than the asset’s investment value.”
A Carpet Call spokesperson said: “Carpet Call is pleased to secure the acquisition of this property following an extensive search.
“This transaction contributes to the expansion of our growing property portfolio and enhances our operational capabilities to better serve our increasing customer base in South Australia.
“The additional space and prime location provided by this property will enable us to expand our presence in the Adelaide market while improving efficiencies for our existing network and loyal builder clientele.”
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