A prime development site in a major Adelaide innovation district has come to market.
Renewal SA is seeking expressions of interest for a 2.578ha lot at the entrance of the Tonsley Innovation District.
The 61ha precinct, at the site of the former Chrysler/Mitsubishi Motors assembly plant, is 10km from the Adelaide CBD and was opened in 2012.
It was one of the first innovation districts in Australia, developed after Mitsubishi closed its plant on the site in 2008.
It was acquired in 2010 by the SA Government and redeveloped as a precinct focused on advanced manufacturing, renewable energy and life sciences.
One of three South Australian innovation districts developed by Renewal SA—the others are Technology Park at Mawson Lakes and Lot Fourteen on North Terrace—Tonsley is home to 150 organisations employing 2000 people, more than double the number employed by Mitsubishi when it shut.
Companies at Tonsley include SAGE Group, Siemens Energy, ZEISS, Tesla, Micro-X, Flinders University and TAFE SA with 8500 students.
Renewal SA is seeking a developer for the lot that includes the Tonsley Administration building for redevelopment or adaptive reuse.
The 1960s office building at 1 Tonsley Boulevard has 12,308sq m of lettable space and a 197-space open-air carpark.
A part of the City of Marion LGA, the site is in a Strategic Innovation Zone; however, the precinct’s urban design frameworks mean commercial or hospitality offerings are possible.
Near the building is the 88-key Mantra Tonsley Adelaide hotel and the site of the planned Boiler House brewery.
The building faces South Road, a major artery that connects to the state’s industrial zones via the North-South Corridor, due to complete in 2031, providing a 78km link through Adelaide.
The Administration Building had a leasing profile of more than $1 million in gross holding income a year, so could also be held as an asset, the agency said.
Built as part of the original Chrysler factory on the site, it was fully acquired by Mitsubishi Motors during a takeover in 1979 for $80 million.
The sale of the site is the latest in a series of development releases by Renewal SA. Also unlocked so far are sires at Thebarton/Southwark, Tapangka on Waymouth, North Terrace, Bowden and Whyalla for commercial and industrial development, worth more than $2 billion.
Final submissions for the EoI are due by March 13. The process is being handled by CBRE.
