|
Written by Marc Pallisco
|
|
Tuesday, 09 February 2010 00:50 |
|
LEIGHTON Properties has made about $20 million from the sale of a new office building, and adjoining 20,000 square metre development site, on the suburb border of Cheltenham, Sandringham and Highett.
The prominent properties, between 294 – 300 Bay Road, were part of a much larger 6.2 hectare (62,000 square metre) industrial parcel Leighton Properties picked up for $22 million in 2005.
Leighton Properties Senior Development Manager Simon Lowe and Nichols Crowder director and selling agent Matt Nichols confirmed the sale when contacted by Capital Gain, but declined to comment on the details of the buyer or price.
Well placed industry sources say the sites new owner, a trust, is affiliated with education service provider Holmesglen, who may eventually redevelop the site into a new campus, with accommodation, but this speculation was denied by the school.
The property is within 100 hectares of previously industrial-zoned land council has been rezoning, and remarketing, to attract commercial office, and high-tech industrial users. An education facility like Holmesglen would be a boon to the precinct.
High land costs, rents and taxes in Cheltenham, and other suburbs in the Bayside municipality, have pushed many industrial users further out of town, to areas like Dingley and Dandenong, where new industrial facilities are available more cheaply
|
