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San Remo Pasta Pays $8 Million For Adelaide Industrial Property

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Written by Marc Pallisco   
Tuesday, 28 June 2011 00:02

PASTA manufacturer San Remo has paid just over $8 million for an industrial property in Dry Creek, in Adelaide’s north.

The deal is Adelaide’s largest industrial transaction for three years. The site was sold by pipe manufacturer Rocla.

It’s reported San Remo will redevelop the 5.8 hectare site after Rocla vacates after a short-term lease back.

The rate per square metre of land is $158.

According to the selling agency, CBRE, owner-occupiers like San Remo made up the bulk of purchasers in recent years. This is opposed to recent years where institutional investors instead invested in the more expensive Sydney industrial market, or the larger Melbourne market.

More details about this sale are in the AFR.