Prime lists Osborne Naval Shipyard offices and development site

Prime’s Osborne asset includes two A-grade Woods Bagot designed offices, which the federal government has just committed to for 10 years.

Prime Space Projects has listed a prominent 2.5 hectare investment with development upside at the Osborne Naval Shipyard precinct, about 25 kilometres north west of Adelaide.

The Osborne asset, 620-628 Mersey Road, is expected to sell for more than $45 million according to sources.

A cafe occupies part of the ground floor of an office at 620-628 Mersey Road.

It includes two modern Woods Bagot designed offices with a total of 8006 square metres of area, which tenant Australian Naval Infrastructure, a federal government business entity, recently committed to, for 10 years with options.

The offering also contains 3000 square metres of land with the potential to make way for two more commercial buildings.

Those workplaces, CBRE’s Ian Thomas said, could add about 6000 sqm of lettable area.

The site includes 330 car parks, too (story continues below).

“The South Australian economy is well positioned to rebound post COVID-19, underpinned by ongoing investment in the defence sector,” the agent added.

The property “is situated at the epicentre of the state’s defence precinct, which is earmarked for over $90 billion in spending across multiple projects in the next three decades (with projects forecast for beyond 2050)”.

“This will be a key drawcard for purchasers, particularly in light of the property’s long-term government lease and future development potential”.

The agent is managing an expressions of interest campaign with colleague Alistair Laycock and Knight Frank’s Guy Bennett and Oliver Totani.

Prime is a joint venture between major South Australian builders, Kambitsis Group and Simon Chappel Group.

About 3000 square metres of land can make way for two more offices.
Some $90 billion in spending across multiple projects is proposed for the Osborne Naval Shipyard precinct
The two interconnected offices at 620-628 Mersey Road, Osborne.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco