This article is from the Australian Property Journal archive
AN infill development site in Melbourne’s south east which is in the midst of a land supply shortage is expected to fetch well over $120 million.
LAWD director Paul Callanan declared that the site at 585 Berwick-Cranbourne Road in Clyde is the best remaining infill site in the south east growth corridor.
With 41.21 ha available for development, the property offered a rare opportunity to secure a prime development asset amid record demand for industrial and mixed-use land in Melbourne’s south-east.
Spanning 53.58 ha, with more than 1.4 km of high-profile street frontage, the infill development site is located within the Croskell Precinct Structure Plan surrounded by existing residential, commercial, and industrial infrastructure.
The Croskell PSP has been defined as a regionally significant commercial area within the Melbourne Industrial Land Use Plan due to the exhaustion of industrial land in the south east and the ease of access to the principal freight networks.
“We are expecting substantial interest in 585 Berwick-Cranbourne Road based on a number of recent industrial transactions within this highly constrained south east market.
“We have witnessed major activity from super funds, large private and corporate developers, as well as syndicates in this precinct. There is currently a flight to quality, and this is simply the best remaining industrial infill site in the most sought-after growth corridor of Melbourne,” he added.
The property benefits from linkage to the nearby M420 South Gippsland Highway, M1 Monash and the M3 Eastlink freeways.
“The property’s positioning relative to existing and future interchanges, as well as its extensive road frontage, offers the opportunity for purchasers to deliver a flagship institutional grade business park,” said Callanan.
Currently, there are a number of high profile opportunities on the market, which have buyers excited, including PSP-approved commercial infill site, 1450 Pound Road as well as major institutional grade business park site 910 / 960 Donnybrook Road.
This listing follows the sale of 1580 and 1550 Thompsons Road in May to MAB Corp for development into a $400 million industrial estate and Clyde Major Town Centre which sold by LAWD for more than $67 million.
The expressions of interest for this campaign closes 3pm Thursday, 27 October 2022.
