Point Property Group has banked $19 million from a Seaford site earmarked for a mixed-use project.
The 6.65 hectare ex-factory, 300 Frankston-Dandenong Road, is trading to Brix Property Group and Costa Asset Management.
The price values every square metre of the Industrial 1 zoned land at $290.
A commercial redevelopment is now planned with the incoming buyers about to apply for a subdivision.
What is planned?
“The acquisition will enable Brix and Costa to capitalise on the strong demand from owner occupiers and investors looking for land and industrial facilities in Melbourne’s south-east,” Brix managing director Adam Brick said.
“This site is strategically positioned between the Frankston Freeway and the Mornington Peninsula Fwy and the completion of the Mordialloc Bypass will further enhance this connectivity and will continue to drive demand in the industrial market,” according to the executive.
“The extensive frontage (220 metres) to Frankston-Dandenong Rd enables the group to look at the delivery of a variety of other uses which will benefit from this exposure including bulky goods retailers, fast food restaurants and service stations”.
CAM general manager Todd Devine added the acquisition is consistent with plans to diversify company land holdings “particularly on sites that provide opportunities for long-term holding income with blue chip tenants”.
Seaford is 36 kilometres south of Melbourne.
Point’s Seaford proposal included a Coles-anchored supermarket, Liquorland and service station, Autobrite car wash, 11 specialty stores plus a residential subdivision, possibly for about 50 dwellings.
A real estate arm of Dodge Family Office (which holds the Autobrite brand) it appointed Cushman & Wakefield’s Andrew O’Connell to sell it (story continues below).
The vendor acquired the property via the same agent for $8.5m in 2007; at the time the asset was controlled by receivers which seized it from David Schulz, who’s Huon Corporation collapsed the year earlier.
Elsewhere in Melbourne, Point last month sold a 6500 sqm Preston block to Sector Property Group which is planning a The Base small warehouse and self-storage facility.
The family retains a similar sized parcel next door – the balance of a former factory it picked up in 2018.
Brix, CAM build development pipeline
Brix, meanwhile, has also been reweighting its portfolio, recently banking $4.345m (reflecting a 4.3 per cent return) for a Starbucks under construction as part of a Maidstone commercial project.
Three months ago it offloaded a 7-Eleven backed investment next to it.
Another block at that site recently sold to a self storage developer.
Brix is also behind a 26-lot residential subdivision on former VicTrack land at Somerville and a Mordialloc townhouse village.
This month, in partnership with Glenvill and Nostra Homes, it will settle on a 2.2ha housing block on Bridge Inn Rd, Mernda, near the Woolworths Town Centre, construction of which is underway.
Last September, with CAM it acquired a Barwon Heads Rd, Charlemont, site for a mixed-use commercial project.
In February, CostaFox, a joint venture in which CAM controls half, spent $11.3m on Geelong’s historic Stella Maris Convent with plans for a luxury residential development.
Last year the same buyer acquired a 2948 sqm block opposite Crown Casino’s main entrance, for an office.