Sydney group secures Melbourne farm after rezone
CVC Limited, as a majority backer, will buy a major Melbourne growth corridor industrial development site following a rezone.
The Lecky Road, Officer South, farm, is setting the group back $53 million, of which $5.5m has been paid.
The listed group will control 70pc of the redevelopment with a private interest holding the balance.
Forming part of the Officer South Employment Precinct Structure Plan, and now gazetted for core industrial product, 23.3ha is developable.
Settlement is scheduled in February, 2028.
Officer South, part of Melbourne’s fastest growing municipality, is about 50 kilometres south east of town.
2028 launch planned
The Officer South deal has been mooted since last year, dependent on the rezone (story continues below).
“Given the lead time which exits up until property settlement, the JV will now continue to progress the property by commencing a planning permit application and other authority approvals such that at the time of settlement, the property is fully resolved to allow for immediate development,” a CVC Limited statement said.
“CVC is optimistic about this asset and is very pleased that this strategic industrial land parcel has been formally approved as a result of the rezoning of the PSP,” it added.
“The board is of the view that Officer South is the next institutional industrial location in the south-east corridor of Melbourne”.
The deal comes a year since Eildon Capital paid $62m for an 83ha industrial development site in the suburb.
In 2022 meanwhile ISPT outlaid over $100m for a 78.9ha Officer South ex-horse stud – near the CVC block.
Also today we are reporting Maximise Group bought a 12ha industrial development site in the city’s second fastest growth corridor, Melton.
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