logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Angola
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Brazil
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Ghana
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Kazakhstan
  • Kenya
  • Korea
  • Latin America / Caribbean
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Morocco
  • Netherlands
  • New Zealand
  • Nigeria
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovakia
  • South Africa
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Asset Services
      • Capital Markets
      • Global Workplace Solutions
      • Valuation & Advisory Services
      • Investment Management
    • Industry & Specialties
      • Office
      • Industrial & Logistics
      • Retail
      • Residential
      • Agribusiness
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Sustainability
      • Retirement & Healthcare
    • Services for Investors
      • Debt and Structured Finance
      • Experience Services (CBRE 360)
      • Institutional Investments
      • International Investments
      • Investment Advisory
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Enterprise Facilities Management
      • Experience Services (CBRE 360)
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Reports
    • About Research
      Australia Research Archives
      Asia Pacific Research
      Global Research Gateway
  • People & Offices
    • Executive Committee
      Local Office Leadership
  • About CBRE
    • Careers
      Case Studies
      Corporate Information
      Corporate Responsibility
      Investor Relations
      Client Tools
      Media Centre
      The Place Makers
      CBRE Who are we?

Previous

Large format retailers target interstate expansion

Next

Melbourne dining institution snapped up for $8.61m
  • Home
  • About CBRE
  • Media Centre
  • Developers tipped to circle Adelaide’s prominent Le Cornu site

Developers tipped to circle Adelaide’s prominent Le Cornu site

7 September 2015
  • Email
  • Share
  • Tweet
  • Share

Adelaide, 08 September 2015 – Adelaide’s landmark Le Cornu furniture site in Forestville has been listed for sale for the first time in more than 40 years.

CBRE and JLL have been jointly appointed to sell the 3.6 hectare Anzac Highway landholding, which represents one of the largest inner metropolitan redevelopment sites in Adelaide.

While the site has an existing lease agreement in place providing substantial holding income, proposed town planning amendments would allow for a future medium/high density residential development and mixed use options.

This is expected to underpin significant developer interest in the site, which is on the market through CBRE’s Phil Rundle and Ben Heritage together with JLL’s Jamie Guerra and Roger Klem.

The 10 Anzac Highway site is offered for sale on behalf of the estate of the late Lance Le Cornu, who sold the furniture business to Fantastic Holdings in 2008. The Forestville land was retained and leased to Fantastic, with the company having since traded from the site under the Le Cornu name.

“For many decades Le Cornu has been one of the most recognised names in Adelaide as a result of both the company’s dominant position in the furniture industry and the iconic sites they have owned and operated over the years,” Mr Rundle said.

“In the case of Forestville, the site’s profile and future development potential positions this as the most exciting opportunity available in inner metropolitan Adelaide.”

While the land is currently zoned Light Industry, it is included in the second stage of the South Australian Government’s inner metropolitan growth project.

Mr Heritage said this was expected to fuel considerable interest in the land, as was the site’s prominent location just two kilometres from the Adelaide CBD.

“The Le Cornu site falls within the proposed Urban Corridor Business zone, providing for non-residential uses at ground level with high density multi-level development above,” Mr Heritage said.

“This would allow an incoming owner to capitalise on the site’s access to key transport infrastructure and exposure to Anzac Highway, which carries an estimated 50,000 vehicles a day and is the main transport corridor from the CBD to Adelaide’s burgeoning southern suburbs.”

The site is less than 500 metres from the recently redeveloped Forestville railway station, and immediately adjacent to Ashford Hospital. 

Existing improvements include showroom and warehouse buildings totaling 17,880sqm. These are leased to Fantastic Holdings, providing holding income while planning approvals are obtained.

JLL’s Jamie Guerra noted; “This offering aligns with the State Government’s current urban infill ambitions. It will be viewed by developers as an opportunity not to be missed, following previous sales such as those of the Clipsal, Caroma, Mayfields and Channel 7 sites.”

For Australian/international news or global stories, follow us on Twitter.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.​

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Privacy Policy
  • Australian Job Applicant Privacy Policy
  • Sitemap
  • Terms of Use
  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • Google