Farm bought for $167,000 sold to developer for $70m
A syndicate has bought an enormous Melbourne farm with plans for a data centre.
The 21 hectare site, 185 Brookville Drive, Craigieburn, cost $70 million, a fortnight after the close of an expressions of interest campaign last month.
About 15.5ha of the Commercial 2 zoned parcel is developable.
On that basis, the result values the land at $452 per square metre.
Farm now a central site
The site is about 30 kilometres from town, near the northern edge of the suburb and the Donnybrook border.
The seller, a family, paid $167,500 in 1994.
Since then, Craigieburn has formed part of a growth corridor, with several shopping centres and thousands of new homes delivered.
The Brookville Dve parcel falls within the Craigieburn North Employment Precinct – an approved PSP encouraging rural sites be developed with commercial and residential product.
With 450 metres of street frontage it is exposed to over 50,000 vehicles a day.
Nearby properties are owned by Amazon, Cadence, ESR and Goodman.
The parcel is also near MAB Corporation and Gibson Property Group’s Merrifield industrial estate and the now redundant Victorian Quarantine Hub.
RPM’s Zaynoun Melhem, who marketed 185 Brookville Dve with Tim Hyland, said data centre developers and operators from Japan, Singapore and the US looked in.
The buyer is speculated to be from India.
“It was a great pleasure in working with my vendors on this deal,” he added.
“Together, the family and I worked through a long-winded due diligence process,” according to the executive.
The deal comes six months since we reported the Liberman family Monark Investment Partners bought a major Greenvale site with plans for a housing estate.
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