A major site beside the West Gate Freeway has been listed by a consortium of private investors.
The 1.57 hectare Industrial 1 zoned parcel, 20-42 Simcock Avenue, is sub-let to Toll until 2024, after which it offers development upside.
The offering neighbours an 8.8ha ex-Mobil petroleum storage facility – the Spotswood Terminal – which Time & Place acquired last year with plans for a major business park.
Between these two properties is a tract which will soon become Stephen Street – and a West Gate onramp.
David Loakes, one of the land owners and managing director of Sector Property Group, said the site is located in the city’s fuel distribution pocket which ‘virtually shares the same postcode’ as the next suburb, Port Melbourne.
“It’s a truly great opportunity for many investors looking to capitalise on the potential of a significant lease improvement or capital upside with many development opportunities,” he added.
The listing comes 10 months since Cadence purchased the former Spotswood Animal and Quarantine Station, on 3.8ha, at 43 Craig St, in the suburb.
Last July Charter Hall bought a nearby glass making plant from O-I, a business which had just been snapped up by Visy (story continues below).
Spotswood is about six kilometres west of the CBD.
20-42 Simcock Avenue, Spotswood
“The property comprises a single level office with attached functional warehouse, a small canteen, truck workshop, significant hardstand and car parking areas,” the agents said.
“[It also has] ingress and egress points at either side of the Simcock Ave frontage and provides full drive-around and drive through capability,” they added.
“Additionally, the property boasts proximity to major surrounding infrastructure including the West Gate Tunnel, which is currently under construction, and the Port Rail Shuttle which focuses on reducing trucks off local roads by connecting the Port of Melbourne to major freight hubs using the existing rail network”.
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