This article is from the Australian Property Journal archive
ANDREW and Michael Buxton’s development company MAB Corporation has sold the last remaining allotment in its Alliance Business Park development in northern Melbourne’s Epping to a local industrial developer for nearly $11 million.
Alliance Business Park is a 96-hectare, $144 million industrial and commercial hub and is occupied by national businesses Mainfreight and Gallagher. It features a 3.6 hectare basin including a 700-metrewalking track with cyclist and pedestrian access to the Craigieburn Bypass Trail.
The final lot to to sell is an 11,950 sqm parcel with comprehensive development zoning that offers street frontages to each of Edgards Road, O’Herns Road and Trafalgar Road.
CBRE’s Daniel Eramo, Joe Brzezek, Jake George and Corey LeFavi brokered off-market sale.
“Although the buyer depth for land decreased throughout the last quarter of 2022, there is still a flight to quality for qualified and experienced groups seeking versatile sites within core areas, who are prepared to continue to pay strong rates,” Eramo said.
Melbourne’s record low industrial vacancy rate is expected to remain below 2% for another year and drive double-digit growth in land values as zoned land dwindles.
MAB general manager commercial and industrial, Michael Martin said the sale of the last lot signifies a strong result and marks the successful completion of the sales campaign.
“The sale demonstrates there is still solid underlying demand for well-located industrial land in Melbourne’s North, with good exposure and access to transport infrastructure,” he said.
Also in Epping, developers and owner-occupiers have snapped up more than $52 million worth of industrial land over the past year at Citinova’s Dilop@Epping estate in a campaign managed by JLL.
Ongoing construction delays and rising costs slashed Australia’s industrial and logistics supply pipeline of new space in 2022 by 600,000 sqm.
