Developers spend $77m in Cobblebank
Developers have swooped on three major industrial sites in Cobblebank’s Ferris Road.
At #54-76, an entity led by Perth based Michael Hodgson has outlaid $22 million for a 13.47 hectare parcel, with plans for a business park.
At the south west corner of Shakamaker Drive, the land was between 2001-2005 controlled by Harness Racing Victoria, which constructed Tabcorp Park next door.
Industry Property Group’s Cameron Hunter, Stuart Macqueen and Andrew Macqueen said three offers followed an expressions of interest campaign.
“The Melton/Cobblebank precinct is becoming increasingly popular due to the very limited availability of land and buildings within the traditional metro areas of Laverton North, Derrimut and Truganina,” Andrew Macqueen said.
“Within the Ferris Rd precinct there are at least two industrial estates coming online with pre-lease opportunities available from 5000-20,000 square metres,” he added.
“Rents are expected to be approximately 15 per cent lower than Truganina…c$85 per sqm for a 10,000 sqm space, as opposed to $100-$110 per sqm” according to the executive.
“This is an important consideration for large businesses managing their overheads”.
Frasers pots ex-driving range
Meanwhile, diagonally adjacent to the Hodgson site, Frasers Property Industrial has picked up the former Melton Driving Range, for $42m.
The deal for the 23.4ha parcel, 1-15 Ferris Rd, at the south east corner of the Western Freeway, is a boon for the vendor, the Slater family’s Baycrown, which outlaid $11.15m in 2018 and was expected to build a homemaker centre.
In a show of how fast local industrial values have boomed, the holding previously traded for $3.85m in 2015 (story continues below).
FPI has earmarked a $215m business park with c100,000 sqm.
IPG brokered this sale too.
“While the Melton precinct is slightly further west by another 10 minutes by car, the demand is high as it’s still slightly cheaper than the traditional industrial areas,” Mr Hunter said.
Locals swoop on central block
Closer to Cobblebank train station, a consortium backed by local industrial developers, Northpark, Elite Property Group and Bayport, has paid c$12.5m for 162-180 Ferris Rd.
The 4.931ha property neighbours a parcel snapped up earlier this year by Bowens Hardware for a store (27-39 Abey Rd).
It is also near the proposed Melton Hospital (245-267 Ferris Rd), construction of which started last year.
Fitzroys’ Brent Glassford, Marco Sandrin and Paul Burns marketed the land, controlled prior to 2005 by the local council.
About 30 kilometres west of Melbourne, Cobblebank was one of 11 suburbs created in 2017 to not overweight Melton South, Plumpton and Rockbank’s population.
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