Le Cornu warehouse site on Anzac Highway could fetch price of $20m

THE owners of the 3.5ha Le Cornu furniture warehouse site on Anzac Highway may sell the land to make way for multistorey developments — but it will likely have a $20m pricetag.

THE owners of the 3.5ha Le Cornu furniture warehouse site on Anzac Highway may sell the land to make way for multistorey developments.

Phil Le Cornu, a director of Le Cornu Contractors Pty Ltd, which owns the Keswick site, said his family was reviewing the future of the land.

A real estate agent who recently sold a property nearby, but did not want to be named, said the site could sell for more than $20 million.

Mr Le Cornu, who took over management of the Le Cornu Group after the death of his father, Lance Le Cornu, in 2013, said the future of the estate was still being worked through with his siblings.

Last month, 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.

Mr Le Cornu said the siblings were “pleased to hear about the proposed zoning changes”.

“The executors plan to review the ownership of the property over the next few months,” Mr Le Cornu told the Eastern Courier Messenger.

The building was leased to Fantastic Furniture, which traded under the Le Cornu name.

“(The) Fantastic Furniture lease is currently under review, therefore how long is unknown until both parties agree,” Mr Le Cornu said.

Fantastic Holdings bought the Le Cornu furniture business in 2008.

A real estate agent who recently sold a property nearby, but did not want to be named, said the site could sell for more than $20 million.

The two other major landholders in the area, the Army and Harmony Property Syndications, have no plan to sell their sites.

Harmony Property Syndications owns the Goodman Fielder food company building on the corner of Leah and Leader streets, Forestville.

The Army owns the Keswick Barracks on Anzac Highway.

Harmony Property Syndications director Andrew Cain said Goodman Fielder had six more years to go on its lease and the company had no plans to sell the site after that.

A Defence Force spokesman said “no decision” had been made on the future the barracks.

“Keswick Barracks accommodates a range of unit functions that support the Army throughout South Australia,” he said.

“The proximity to central Adelaide also supports the recruitment and retention of Army Reserve members in the 9th Brigade.”

Unley Council has yet to formally respond to Planning Minister John Rau’s proposed zoning changes for Forestville and Keswick.

However, it has asked that development on Anzac Highway and the southern side of Leader St be limited to residential use only.