SOUTH AUSTRALIA TREASURER Kevin Foley announced this week that the State Government has purchased Mitsubishi's Tonsley Park car assembly plant for $32.5 million.
To be finalised in February, the deal will see the land redeveloped into a high-tech business park for manufacturing, research and technology companies.
Formerly the home of Mitsubishi's Australian assembly (and Chrysler before it), the site was closed last year when the Japanese carmaker ended local production, terminating hundreds of jobs in the process.
Mr Foley said the Government's bid to buy the site was made in part to avoid a private buyer using the existing buildings as a mass storage space development.
The Treasurer said the Government's plans for the area will lead to a job boost for Adelaide's southern suburbs.
?We envisage it becoming the premier sustainable technologies site in Australia - a hub for innovative companies in advanced manufacturing, clean tech and environmental industries," Mr Foley said.
"Tonsley Park is a prime piece of industrial land with enormous potential, by virtue of its size, and proximity to the city and transport routes."
Mitsubishi will keep two hectares of the 64ha site for its head office and spare parts facilities.