Syndicate snares major Melbourne industrial site
EXCLUSIVE
A syndicate led by local businessman Joel Klein has paid over $180 million – 20 per cent more than guide – for a major industrial development site in the Melbourne growth corridor suburb of Clyde.
The 81.2 hectare block is an amalgamation of three properties which, if established as an estate, would provide internal access between busy Ballarto and Clyde-Five Ways roads, and the South Gippsland Freeway.
Zoned Urban Growth, and covering a third of the area affected by a proposed Precinct Structure Plan, a subdivision could yield between 300 to 350 small lots, according to the marketing agents.
Alternatively, it could be filled with bigger buildings. All up, c400,000 square metres could be considered – more if multi-level product is designed. Retail and offices could be considered as well as warehouses.
Cameron Industrial’s Angus Clark, Henry Sayers and Ben Cooper represented the vendors of the three properties: 1430 Ballarto Road, 245-255 Clyde-Five Ways Rd and 1845 South Gippsland Highway.
The land was marketed as Trinity Clyde (story continues below).
Industrial developers set up in growth corridor
The result for the Clyde property prices land at c$221 per sqm. When it hit the market last July, expectations were c$175 per sqm.
The transaction comes eight months since Black Caviar owner and VRC board member Neil Werrett’s Galileo Group outlaid $130m for a 53.6ha commercial zoned Clyde North site, 585 Berwick-Cranbourne Rd, on the south west corner of Thompsons, in Clyde North.
That deal came hot on the heels of MAB Corporation securing a 32.6ha parcel near to that for $60m, also with plans for an industrial project.
Earlier this month meanwhile, a prominent 24.59ha parcel at 1450 and 1454 Thompsons Rd, at the intersection of Narre Warren Rd, Cranbourne East, like the Galileo and MAB blocks, affected by the Croskell PSP, hit the market. LAWD’s Peter Sagar, Paul Callanan and Darcy Tobin are running that campaign.
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