Adelaide inner west industrial property sold for $4m in just a few weeks

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.

β€œThis 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.

β€œThe 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.

β€œIt’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.

β€œIt’s in close proximity to the Adelaide Airport and just off Richmond Road, with access to plenty of amenity and transport options,” he said.

β€œThis location in particular is a β€˜hotspot’ with a significant number of businesses relocating due to the North South Connector major upgrade works currently underway.

β€œIn addition, the overall demand for infill locations is still proving popular amongst owner occupiers and developers.”

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