Former Kraft Factory in Broadmeadows to be Redeveloped

The 11 hectare site sold in September last year to a group of private investors headed by prominent Toorak real estate agent Gerald Delany.

Earlier this year the City of Hume approved an application to subdivide almost 40,000 square metres of existing warehouses into five separate tenancies. It also approved plans to develop a new road into the industrial park, Kraft Drive, which would create 27 industrial allotments which the developer plans to sell.

Grocery chain Not Quite Right will lease the largest warehouse on the site, committing to 8000 square metres, while Pronto Fresco Foods has leased around 7000 square metres. A third lease to The Fresh Cheese Company, for an undisclosed amount of space, has also been signed. The three tenants each signed for ten years with a starting rent of around $51 per square metre.

Kraft sold the property to Delany’s company City & Suburban Developments after it moved its biscuit production to China. At the time of sale the factory was expected to sell for around $15 million.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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