Developer outlays $44m for Melbourne industrial site
A prominent west Melbourne site will be developed at last after selling to local commercial builder Maximise Group.
The 12 hectare block, 2231-2257 Melton Highway, Melton (pictured, top), cost $44 million following an off-market deal.
The vendor, Yingde Investments Pty Ltd outlaid $7.95m in May, 2017; the land had been vacant for decades.
Melton, about 37 kilometres from the CBD, is the city’s most affordable industrial precinct to rent or buy.
This site is opposite a 13.9ha parcel, 3 Federation Drive, which has since last year been earmarked for the Melton Business Park – subdivided lots of which have been for sale.
Industrial, retail planned
On the Federation Dve roundabout, at the northern gateway to Melton’s commercial hub, Maximise is planning an industrial retail project at 2231-2257 Melton Hwy.
The site – in Melbourne’s second fastest growing Local Government Area – would mark a shift for the company which has predominantly developed in western suburbs closer to town including Derrimut, Truganina and Williamstown (story continues below).
Its portfolio also includes the 44-unit Mode business park at Heidelberg West in the city’s north east.
Jones Real Estate’s Tim Spargo marketed the Melton block.
“This purchase underscores our confidence in Melton’s future as a key economic hub,” Maximise managing director, Claudio Romano, said.
“With strong underlying land value and a rapidly expanding local community, our vision is to create a dynamic and functional industrial and retail precinct that will drive long-term employment and investment opportunities,” according to the executive.
“Melton continues to emerge as a major growth area in Victoria with significant infrastructure and residential developments supporting its evolution into a thriving commercial centre,” he added.
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