Early Sales Success at MAB Corporation's Meridian Business Park in Thomastown

MAB Corporation has already reaped more than $10 million in industrial land sales, at its Meridian Business Park in Thomastown.

The first stage of the $52 million project – which will be officially launched next week – includes 50 individual lots priced between $275 per square metre and $315 per square metre.

CBRE associate director Dean Hunt said 21 lots valued at more than $10 million were already under offer, with the land values being achieved setting new records for the area.

He says a lack of quality land supply, especially near the Metropolitan Ring Road and Craigieburn Bypass were resulting in strong demand by both developers and owner occupiers to buy into the north.

In August last year, MAB paid about $20 million for the 24-hectare site on Heyington Avenue. Its purchase included a short term leaseback to vendor Goodyear, which will occupy a 10,000 square metre office warehouse on part of the site until next year.

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