Significant industrial site sold in South East Melbourne
ONE of South East Melbourne’s last remaining significant industrial landholdings, located at 1568 & 1580A Thompsons Road, has been acquired by Melbourne Property developer, MAB Corporation, with plans to transform the site into a $400 million industrial and logistics development.
The 32.57 ha property is strategically positioned within the Croskell Precinct Structure Plan in Cranbourne East, 45kms south-east from Melbourne’s CBD. Its impressive 700m of road frontage at the Thompsons Road major intersection provides a key entryway into the Precinct.
Negotiated by real estate and advisory firm, Land, Agribusiness, Water and Development (LAWD), LAWD Senior Director, Peter Sagar said the sale had attracted high interest from a range of commercial and industrial developers.
“With assets of this nature in tight supply, we received strong interest from the market, including six registered offers, which enabled us to achieve an outstanding result for the vendor,” Mr Sagar said.
“We congratulate MAB on securing one of the last remaining landholdings of this size and prominence within the booming growth corridor and we look forward to following its transformation journey into a major industrial hub.”
MAB General Manager - Commercial and Industrial, Michael Martin, said the company was pleased to obtain such a valuable asset in the current market.
“We have been actively growing our industrial pipeline in key markets to meet rising demand, in what continues to be an extremely competitive landscape,” Mr Martin said.
“When fully developed, the site at Cranbourne East will ultimately offer 180,000m2 of usable space and expands our overall industrial pipeline to more than 1,066ha.”
The sale reflects the unprecedented demand for industrial and commercial land in Melbourne’s south-east corridor including LAWD sales of Clyde major town centre for $67.65 million and the 124ha site at 690 Western Court Highway, Cranbourne West to property development group Salta.
“The pandemic has caused some increased uncertainty in some of the traditional real estate asset classes over the past 24 months and as a result we have witnessed demand pivot to industrial and logistics assets at the development stage, which has been largely driven by the growth of e-commerce,” Mr Sagar said.
“Looking ahead, LAWD is excited to announce several new major opportunities on the horizon, including a significant Precinct Structure Plan approved industrial development site, as we continue to match premium development assets with our network of commercial buyers.”