This article is from the Australian Property Journal archive
BOWENS has purchased a circa five-hectare site in Melbourne’s tightly held industrial market, following a competitive campaign amidst mounting demand that has left buyers looking further afield.
The timber and building materials supplier purchased the 27-39 Abey Road, Cobblebank site in Melbourne’s north-west, located around 31km out from the CBD and 4km south of Melton, to become the home of its growing Victorian business.
Hugh Gilbert, Charlie Woodley and Nick Saunders from Colliers managed the transaction via an expressions of interest campaign, that drew in six qualified bidders.
“Before now, we had seen very little demand from major occupiers and developers looking for the Cobblebank/Melton precinct,” said Gilbert.
However, Gilbert noted that this competitive transaction process has highlighted just how land-constrained Melbourne’s core west industrial market now is.
Spanning 48,767sqm, the site is placed on the western side of Ferris Road and boasts 144 metres of street frontage, suiting Bowen’s plans to develop a new purpose-built facility on the property.
“As a market leader in the building supplies industry, Bowens is committed to supplying the best quality products and advice to builders and trades alike especially in areas where it is most needed, which is why we’ve invested in Melbourne’s North-West,” said Andy Bowen, director and CIO of Bowens.
