Gersh to sell Pipeworks

Pipeworks Market – for years the only place in Victoria to bungy jump – is for sale.

The 7.5 hectare property is expected to wind up in the hands of an industrial or bulky goods developer.

Gersh Investment Partners Limited,  once affiliated with MFS Property Group, is a vendor, and Babcock & Brown are the vendors.

The pair paid the private group which ran the market (Pipeworks Fun Market Pty Ltd) $6.285m in Februuary, 2004.

They could be set for a c$10m payday this time around.

Gross Waddell’s Joseph Carbone and Michael Gross are the marketing agents.

Campbellfield is about 20 kilometres north of Melbourne.

Developers in the area include Pellicano, which is developing a site at the corner of Edgars Road and Mahoneys Road, and MAB (which holds Thomastown’s ex-Goodyear facility and Broadmeadsows’ Northcorp Business Park).

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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