Fife Capital pays $26 million for Mulgrave industrial asset


Fife Capital is paying $26 million for a major industrial investment with development potential in Melbourne’s Mulgrave.

The vendor acquired the former NEC headquarters at 649-655 Springvale Road (pictured, top, outlined) in 2015.

NEC had just relocated its staff to the Melbourne CBD.

Fife Capital has acquired the 4.9 hectare site as a land bank. For the moment, it is seeking a tenant.

The 4.9 hectare Mulgrave site includes 19,286 square metres of area within three inter-connected buildings, configured as offices and warehouses.

Knight Frank Gab Pascuzzi and Adrian Garvey sold the property to Fife Capital.

The agents, with colleague Stuart Gill, and Colliers International’s Jonathan Mercuri and Richard Wilkinson, are now managing a leasing campaign for Fife.

The agents are seeking an occupier to rent the lot.

Spaces as small as 3192 sqm could also be configured as tenancies.

The site last sold in 2015.

The Springvale Road buildings are undergoing a major refurbishment, the agents added.

Suited for logistics and storage occupiers, full drive-around access is provided. The property also has 10,000 sqm of hardstand.

Salta Properties owns an office development next door and nearby to 649-655 Springvale Road.

Last September, Fife Capital signed a 10-year lease with home builder Metricon for an 11,000 sqm office at the Monash Gateway Business Park, at 501 Springvale Road, also in Mulgrave.

Also late last year, Pomeroy Pacific spent $30.5 million on a 4.1 hectare industrial site at 508-520 Wellington Road, Mulgrave. The vendor paid $15.5 million for this property 18 months earlier.

The property includes three inter-connected buildings with 19,286 square metres of lettable area – all of part of which is now available for lease.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of