This article is from the Australian Property Journal archive
THE Buxton’s MAB has unveiled its $1 billion business park offering, which will offer some of the last remaining opportunities to secure prime industrial land in the Melbourne Airport precinct.
Names Haystone, the park will sprawl across 38 hectares in Tullamarine, in Melbourne’s north-west, and offer industrial lots for sale sized from 1,300 sqm up to three hectares.
In addition to land sale, Haystone will offer businesses the opportunity to purchase or pre-lease bespoke turn-key warehouses and manufacturing facilities.
MAB will be tipping in a capital investment of over 500 million for the estate, which has an estimated end of value of $1 billion, Haystone is set to launch in the current quarter.
Melbourne-based MAB has a growing industrial portfolio of 21 business parks that includes the $8 billion Greater Avalon future development, south-west of Melbourne, which is set to be Victoria’s largest business park.
As part of its development plans for Haystone, MAB will deliver a stormwater bio retention system and expand the Moonee Ponds Creek Reserve with the creation of a new 3.57-hectare open space reserve.
Jamie Buxton, MAB general manager commercial and industrial said, Haystone will provide a significant amount of state and regional employment land in a highly constrained industrial market, adjacent to Melbourne Airport while creating jobs and local business opportunities.
Over 800 new jobs are expected to be created.
Co-marketing agent Daniel Eramo of CBRE said Haystone business park will provide an “extremely rare opportunity for prospective owner occupiers and speculative developers to purchase freehold development land in one of Victoria’s most tightly held industrial and logistics precincts”.
A total of 3.33% of freehold industrial land is undeveloped within the Tullamarine precinct.
Savills’ Mario Moscon said unlocking industrial land in Melbourne’s north, especially in Tullamarine, has become increasingly difficult. Less than 2.8% of industrial land under one hectare remains undeveloped in Tullamarine and Westmeadows, compared to 12.9% across Melbourne’s industrial north.
He said the forthcoming land release in Tullamarine is likely “the last opportunity”.
