Prime Inner-South industrial facility sold off-market and leased

24 May 2024

A prime inner-south industrial facility has been sold in an off-market transaction for $3.5 million with vacant possession by the Colliers Industrial & Logistics team. A leasing deal was also secured at the facility on behalf of the new owners before settlement, with a national occupier.

Colliers’ Tom Barrett, Director, Industrial & Logistics managed the sale of 12-16 Furness Avenue, Edwardstown on behalf of a private client at a capital value of in excess of $4,000 per square metre.

Mr. Barrett commented; “The market remains starved of prime-grade industrial opportunities throughout all markets for both occupiers and investors.”

The A-grade industrial facility located only 8 kilometres from the Adelaide CBD offered high-quality improvements of approximately 860sqm on a generous land area of 1,795sqm. The tilt-up concrete construction facility was purpose-built in 2012 and offers superior improvements including high clearance, clear span warehousing, a mix of partitioned and open-plan offices and ample car parking.

The property is located within Adelaide’s tightly held inner-south industrial precinct and adjacent Castle Plaza Shopping Centre, Furness Avenue runs directly off South Road and provides proximity to the CBD and Adelaide Airport.

Colliers were also engaged to secure an occupier for the new owner and finalised a 5-year leasing deal with a national occupier prior to settlement.

“Both sales and leasing demand for quality inner-south and inner-western industrial facilities has never been stronger and is compounded due to the ongoing South Road compulsory acquisitions,” Mr. Barrett concluded.