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Citimark heads a consortium which has purchased the 25ha former Mitsubishi Motors Australia's engine plant site in Lonsdale in Adelaide's southern suburbs. Citimark plans to refurbish and reposition the property into a high quality industrial and business park. The redevelopment vehicle is a joint venture between Citimark Properties, an international investment bank and Adelaide-based environmental management and remediation specialists, McMahon Services Pty Ltd. The consortium plans to spend about $25million developing the estate. A lease for 8,500sqm of the existing facility is already in place with the Melbourne-based brake systems manufacturer PBR as anchor tenant.
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