This article is from the Australian Property Journal archive
THE prominent Grollo family is moving to sell one of the last remaining large-scale prime industrial development opportunities in Melbourne’s northern growth corridor, with a 2.12 hectare site being put to the market for the first time in 50 years.
Currently, the Preston site at 10-18 Chifley Drive has several derelict buildings.
It offers 115 metres of street frontage and abuts Darebin Creek parklands.
CBRE’s Bryce Pane, Joe Brzezek, Daniel Eramo and John Camilleri from Killen Thomas will steer the expressions of interest campaign, closing 25th November.
“Industrial property in the Preston area is a popular choice for mixed-use developments with neighbouring sites recently being converted into a brewery, bowling alley, bar and bistro,” Payne said. The Moon Dog brewery is a short distance away.
Also nearby is Northland shopping centre, Thornbury railway station and the Bell Street activity centre, which includes Bunnings, JB Hi-Fi, Amart, Rebel and Total Tools, and in addition to the site’s industrial 3 zoning makes it well situated to provide strategic last-mile logistics to the residential catchment.
The investment and development arms of the prominent family were split in 2012. Daniel Grollo’s development business has faced high-profile financial issues, while the investment arm recently offloaded an office building in Melbourne’s west leased to the Victorian government for $224 million.