But by the middle of this year, the Pipeworks Fun Market in Campbellfield may be nothing more than an industrial development site.
Private developer Gersh Investment Partners Limited, once affiliated with the troubled MFS Property Group, has decided to sell the 7.5 hectare Pipeworks market, after plans to redevelop the site into a bulky goods centre that could trade 7-days a week, fell through.
Gersh in partnership with investment house Babcock & Brown paid $6.285 million for the property in February 2004 off the private group that ran the market, Pipeworks Fun Market Pty Ltd.
For the better part of last year Gersh, which seeks to “value add” to development sites by structuring, arranging, investing in and advising on direct property transactions, was seeking a joint venture partner to develop the high profile site, about 20 kilometres north of the CBD abutting the Metropolitan Ring Road.
It couldn’t find one and now the property is for sale.
Despite the setback, Gersh Investment Partners Limited is still set to profit from a land value boom in the outer northern suburbs, with Pipeworks expected to sell for more than $10 million.
Gross Waddell associate director Joseph Carbone is marketing Pipeworks with Michael Gross.
He said the market is trading successfully, returning more than $600,000 in annual revenue after expenses. However he concedes the site’s location, near the junction where the Metropolitan Ring Road meets the Hume Freeway, will arouse the interest of industrial developers keen to buy into the northern suburb market.
Other industrial developers in the area include the Pellicano Group which is developing a site at the corner of Edgars Road and Mahoneys Road nearby, and MAB which is developing the former Goodyear facility in Thomastown and the Northcorp Business Park in Broadmeadows.