QIC spends $13.4m on former Futuris factory

Centuria purchased a 6.5 hectare Edinburgh investment in 2019.

Queensland Investment Corporation has swooped on an Adelaide warehouse for years occupied by Futuris Automotive Interiors.

The fund manager is paying transport group Genox $13.4 million for the 4.7 hectare property, 60-70 Purling Avenue, Edinburgh.

With 17,980 square metres of lettable area (including a 1496 sqm office) and 250 car parks, the property was offered with two years left to run on a lease to Wine Storage & Logistics.

Since Futuris vacated four years ago, it was also tenanted to Border Express.

Leedwell’s Steve Smith brokered the off-market sale; he also negotiated the last two rental agreements (story continues below).

The warehouse is near a 6.5ha logistics investment occupied by SA Structural which Centuria acquired for $19.5m in late 2019.

BAE Systems, Carlton & United Breweries, CEVA Logistics, Coles and Inghams are other occupiers in the area, about 30 kilometres north of town.

Last week, QIC appointed Lendlease executive Kylie Rampa as chief executive officer replacing Damien Frawley who held that position since 2012 and is now heading to the Mirvac board.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

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