High profile industrial site near Adelaide CBD with upside hits the market26 September 2023
Colliers’ Tom Barrett and Paul Tierney have been appointed to sell a high-profile industrial asset in a tightly held inner-west industrial location close to Adelaide CBD set to attract interest in excess of $4 million.
Colliers Director Tom Barrett said, “The property presents an opportunity to occupy, invest or develop (STCA), a high-profile site within minutes of the Adelaide CBD and airport.” “We expect interest from a range of buyers, especially occupiers affected by the nearby compulsory acquisitions for the South Road upgrades.”
The property comprises a versatile office/warehouse facility of approximately 1,329 square metres on a 3,788 square metre allotment with a frontage to Richmond Road, offering convenient access to some of Adelaide’s major central arterial roads, including South Road and Marion Road. There is also an additional rear access to the site via a service road.
“Adelaide’s tightly held western industrial market has limited sales opportunities, and with versatile Employment zoning, this particular property provides a valuable development upside (STCA)”, added Mr Barrett.
“The asset is currently generating a short-term income of $180,999 (gross) plus GST, leased to Casket Co, until 31st December 2023, with a further 3-month option.”
257-259 Richmond Road, Richmond, is being offered for sale by Expression of Interest, closing Wednesday, 18th October at 12pm (ACDT).