This article is from the Australian Property Journal archive
NEIGHBOURING sites in the Monash University life science precinct offered separately to the market could net a combined figure approaching $50 million, as Melbourne’s south-east witnesses a jump in industrial sales activity.
The bigger of the pair, at 169-171 Wellington Road, Clayton, offers a site area of around 3.65 hectares and special use 6 zoning allows development of office, manufacturing, warehousing and other potential uses.
The property currently has 9,485 sqm of gross lettable area, with a low site coverage of just 26%. The site includes an 2.1 hectares of concrete hardstand to the rear.
JLL’s Lachlan Ferguson, Ben Hegerty, Stephen Adgemis and Joel Scully, in conjunction with AND Property, have the listing, with expressions of interest closing Wednesday, 11th September.
Ferguson told Australian Property Journal that more a figure of $35 million-plus is expected for the site, with interest expected to come from owner occupiers and logistics developers.
Hegerty said that with the property’s prime location close to the Monash national innovation and employment cluster and its potential for development, investors have the opportunity to actively manage the asset whilst awaiting development approval.
“There is the potential for logistics development on this site (STCA). As retailers and distributors face growing pressure to swiftly deliver consumer goods and perishables to densely populated areas within tight deadlines, third-party logistics (3PL) providers are increasingly seeking strategically positioned facilities near major population centres to reduce delivery times.”
Ferguson said investors can capitalise on the last-mile attributes and the growing demand for strategically positioned facilities in densely populated areas. While the property’s location close to Monash University, Monash Medical Centre, and other major educational and healthcare institutions made it ideal for businesses in the technology, research, and innovation sectors.
The same private vendor is also selling 175 Wellington Road, which is separated from number 179-171 by a driveway.
Around $12 million-plus is expected for the 1.04-hectare site, Ferguson told Australian Property Journal, with owner occupiers and developers also showing interest.
The vacant infill site has 4,026 sqm of warehousing and offices.
Late month an industrial supersite in Oakleigh South sold for over $50 million, generating a $42 million capital gain for the Taiwanese owner who bought it only a year ago for $8.3 million.
Recently in Clayton, an owner occupier spent $21 million acquiring the 22,590 sqm site at 502-520 Clayton Road, which has a 3,910 sqm warehouse and office building and expansive concrete hardstand. AND Property managed that sale.
In Clayton South, MaxCap and Troon Group have received planning approval for a 60,000 sqm industrial estate with nine warehouses on a 10-hectare site the joint venture acquired last year for $50 million.
Meanwhile, Elanor and PGIM Real Estate have just acquired 19 hectares of land in neighbouring Mulgrave for about $200 million, with plans to build a 113,000 sqm logistics estate
