Campbellfield industrial lots trade for record rate

Banco purchased Campbellfield’s ex-Pipeworks Market (outlined) from IKEA in 2020.

An occupier has outlaid $9 million for three adjoining Campbellfield industrial lots.

The price for the 1.193 hectare holding covering 54, 56 and 58 Metrolink Circuit sets a record for the suburb, the marketing agents said (at $754 per square metre).

The incoming owner intends to occupy part of the property and develop the rest.

Elsewhere in the suburb, in 2020, McMullin Group outlaid $8.25m for a 2.66ha industrial development site at 27-35 Cooper Street.

Also two years ago, Banco paid IKEA a speculated $15m for the former Pipeworks Market at 400 Mahoneys Road – also with plans to construct a business park.

Centennial Industrial & Logistics is one of many other major investors in the area – last year it committed Scania to part of a 3.6ha estate it is completing at 40 Decco Drive.

Campbellfield is about 16 kilometres north of Melbourne (story continues below).

Lack of supply sending investors further north: agent

The Metrolink Circuit properties were offered individually or in one line.

“Multiple bids were received during the sale campaign, highlighting the continued strong demand for industrial land throughout Melbourne’s northern suburbs,” CBRE’s Daniel Eramo, who represented land owner GLJS Investments with Joe Brzezek and Jake George, said.

“This has resulted in land price growth in the order of 35-40 per cent in the past 12 months,” he added.

“In tandem, a diminishing supply of zoned and titled allotments through Melbourne’s middle northern belt has encouraged groups to now consider land speculation in future growth areas such as Craigieburn,” according to the executive.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of