THE now former General Motors Holden factory site in Adelaide's north has been acquired by Melbourne based property developer Pelligra.
The acquisition by Pelligra will see the recently vacated manufacturing plant transformed into a business hub in the Adelaide suburb of Elizabeth.
The announcement of Pelligra as the buyer follows a six-month expressions of interest campaign undertaken by CBRE which attracted a number of offers from Australian and international groups.
The ex-GMH manufacturing site represents one of Australia's largest brownfield development opportunities, comprising 12ha of land within existing improvements totally 287,457 sqm.
The site was home to Australia's last active automotive manufacturing facility until it was closed down in October.
Located 20km north of the Adelaide CBD, the state government hopes to transform the site into a new business district in order to drive business generation in Adelaide's northern metropolitan area.
GMH proposes to retain a presence across a significant portion of the site, and there is ongoing interest from other major occupiers looking to secure accommodation on the new created estate.
CBRE's Dean Hunt says the property's significance and strong future prospects underpinned buyer interest during the campaign.
"The GMH manufacturing site is a significant property that represents a unique opportunity in the Adelaide market offering a precinct size property with attractive development potential, and with the benefit of immediate income through leaseback to GMH," says Hunt.
"A preferred developer has been identified for the property based on track record performance, ability to deliver a high quality outcome and willingness to work with local authorities and the community."
CBRE's David Reid says the selection of a development partner marks a major milestone for the site's future position in Adelaide.
"The long term vision for this important site is that it will be transformed into a master planned, innovative business park, providing employment opportunities for new and established industries," says Reid.
"The site has the potential to create employment opportunities across a wide cross section of industries, such as resources, engineering, logistics, construction, defence, food & beverage and sales. Renewable energies will be a key focus on the estate."
A heritage centre piece is also planned for the site in recognition of GMH's long standing presence in the state.
Business News Australia
Get our daily business news
Sign up to our free email news updates.