This article is from the Australian Property Journal archive
ONE of the few remaining privately held infill corner development sites of scale in Melbourne’s south east growth corridor is on the market with expectations of $70 million.
The 24.59-hectare site at 1450 and 1454 Thompsons Road has extensive dual road frontage.
LAWD’s Peter Sagar, who is marketing the land with colleagues Paul Callanan and Darcy Tobin, said the sale was a once-in-a-generation opportunity to acquire a prime corner industrial and mixed-use englobo development site in one of the most tightly held growth corridors in Australia.
“There is a severe shortage of industrial/mixed use land in the south east and this site will be highly sought after due to its ease of access to key freight networks, substantial scale and proximity to ongoing and existing residential development,” Sagar said.
Transport linkages within a 10-kilometre radius of the site include M1 Monash Freeway, M3 Eastlink Freeway, the M420 South Gippsland Highway and the M11 Mornington Peninsula Freeway, as well as the nearby Cranbourne Train Station.
Interest will come from both private and institutional developers, superannuation funds and syndicates, the agents said.
“We expect strong interest in this property as it is simply the best remaining infill corner site of scale in the south-east growth corridor,” Callanan said.
The offering is LAWD’s third listing over the past 18 months within the Croskell Precinct Structure Plan in the Cranbourne East growth corridor.
In May last year it sold 32-hectare site at 1580 and 1550 Thompsons Road to MAB and in November sold a 54-hectare parcel on nearby Berwick-Cranbourne Road for $130 million to the Galileo Group, headed by the owner of legendary racehorse Black Caviar, Neil Werrett.
Expressions of interest close 3pm on Thursday, 10th August.
