Abbotsford plot opposite brewery earns $8.3m from land banker
![](https://www.realestatesource.com.au/wp-content/uploads/2020/11/53-church-abbotsford-2.jpg)
An Abbotsford industrial property with significant development upside opposite Carlton & United Breweries’ main plant traded for $8.3 million – 20 per cent over guide – at a socially-distanced on-site/online auction on Wednesday.
On 2520 square metres, 53-59 Church Street and 4-6 Mayfield St were offered by the family of Australian chief science officer, Alan Finkel, whose parents owned it for decades.
![](https://www.realestatesource.com.au/wp-content/uploads/2020/11/51-Church-1.jpg)
The purchaser, a local private investor represented by Heath Bedford, from advisory HRB & Co, intends to landbank.
The asset is fully leased but with short term tenancies; based on the annual return ($217,500) the price reflects a 2.6 per cent gross yield.
Gross Waddell’s Alex Ham and Michael Gross were the agents.
The auction was attended by about 50 people – amongst them other Abbotsford land owners, developers and commercial brokers.
Another 35 individuals watched virtually.
The suburb is about two kilometres north east of Melbourne (story continues below).
![](https://www.realestatesource.com.au/wp-content/uploads/2020/10/38-GRosvenor-hero.jpg)
Abbotsford has seen a development wave since 2005 with much new product, apartments, delivered on parcels near the Yarra River (story continues below).
Its commercial stock comprises a lot of warehouse converted offices, of various quality, but taller A-grade towers are being increasingly proposed.
Last month we reported Forza Capital would incorporate a multi-level car park into the façade of an 11-level, 17,308 sqm workplace at 38 Grosvenor St.
![](https://www.realestatesource.com.au/wp-content/uploads/2019/10/20-Mollison-1-1024x706.jpg)
In April, healthcare related software group Fred IT committed to part of a seven floor commercial complex launched for pre-lease a year earlier, at the north east corner of Mollison and Nicholson streets – the site of a former warehouse once occupied by Sabena Fashion and Rove McManus’ Roving Enterprises.
Also in 2019 United Petroleum co-founder Eddie Hirsch unveiled plans for a 10 level building on Hoddle St – a holding across the road from Collingwood.
It is unknown when CUB might consider offloading its substantial riverside portfolio opposite 51-59 Church St. On land which makes it one of the country’s most expensive factories – any brewery site redevelopment is expected to be master-planned and mixed-use.