Adelaide inner west industrial property sold for $4m in just a few weeks18 May 2023
A vacant industrial property in Adelaide’s inner west has changed hands in a quick sale following strong buyer demand.
The property at 1-5 Bruce Avenue in Marleston has 2,819sq m of land with 1,584sq m of value-adding improvements.
It had served as the long-time HQ for industrial equipment supplier Blast One who have moved to a larger property in the Osbourne ship building precinct.
The site was sold for $4 million plus GST to a local private investor in a deal negotiated by David Ludlow and Marco Onorato of Knight Frank, after just three weeks on the market.
The property is situated over 3 Certificates of Title and is zoned Employment and Strategic Employment in the City of West Torrens.
Mr Ludlow said the property was sold via Private Treaty after just a short time on the market due to strong buyer demand from owner-occupiers, investors and developers amid a shortage in the industrial market.
“This was a unique opportunity to purchase a site in a true infill location that offered development, owner-occupation and value-add opportunities all in one,” he said.
“The property was purchased by a local private who plans to undertake a refurbishment on part of the site and a full redevelopment on a further portion of the site.
“It’s an outstanding location for a development.”
Mr Onorato said the property was located just four kilometres west of the Adelaide CBD, in a sought- after infill location.
“It’s in close proximity to the Adelaide Airport and just off Richmond Road, with access to plenty of amenity and transport options,” he said.
“This location in particular is a ‘hotspot’ with a significant number of businesses relocating due to the North South Connector major upgrade works currently underway.
“In addition, the overall demand for infill locations is still proving popular amongst owner occupiers and developers.”