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. 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.About CBRE Group, Inc.
