Lance’s Le Cornu legacy up for sale: Prominent Anzac Highway furniture warehouse officially on market
A LANDMARK furniture warehouse that sprawls across 3.5 hectares on the outskirts of Adelaide’s CBD is officially on the market: tipped to fetch $20 million.
THE Le Cornu family is selling one of Adelaide’s most prominent properties — the Le Cornu furniture warehouse on Anzac Highway.
It’s tipped the 3.5ha Keswick property, in the family’s hands since 1970, could sell for more than $20 million.
In the long-term it is likely the land will be redeveloped for housing after the current lease to Fantastic Furniture ends in 2022.
Phil Le Cornu, a director of Le Cornu Contractors Pty Ltd, flagged the potential sale in June.
It will help settle the estate of the family’s patriarch, Lance Le Cornu, who died in 2013.
An ad posted by agents CBRE and JLL says the 35,965sq m property is “one of the largest inner metropolitan redevelopment/regeneration sites available in Adelaide” and has “enormous future development potential with introduction of proposed major planning amendments”.
The sale is through expressions of interest, closing on October 8.
The State Government announced the second stage of its inner metropolitan growth project, including plans to allow buildings up to 10 storeys in and around the Le Cornu site.
It is currently zoned light industrial.
Fantastic Furniture bought the Le Cornu furniture business in 2008.
It has a lease on the property until 2022.
The Le Cornus sold another, 7500sq m property at 29 Anzac Highway, Keswick, to the Shahin family for $6 million in March.
They sold the site of their first store — in O’Connell St, North Adelaide — in 1989.