GMH Site a Hit for Mirvac

The eleven blocks of land, which form part of the new Phillip Court Business Park at 177 Salmon Road on the corner of Phillip Court, were sold to a mix of developers and owner occupiers at an average rate of about $670 per square metre.

The vacant properties range in size from 1623 square metres to 4174 square metres, with the average block being 2500 square metres.

“Land at the estate sold to a mix of developers and owner occupiers, who will appoint a builder to develop them a new office warehouse facility” said Lemon Baxter associate director Richard Hutton, who marketed the project with Colliers International’s Lincoln Reynolds. “Most of the owner occupiers that bought in the park have developed their own sites in the past, so understand the procedure.”

“We only have one lot remaining for sale which has a 38 metre frontage to Salmon Street and a total area of 3,611 sqm,” said Mr Hutton.

One of the sites will make way for a cafe, to service the local industry which includes Toyota, Kraft, Boral and the Defence Science and Technology Organisation Aeronautical and Maritime Research Laboratory and Platform Science Lab,

Mr Hutton said proactive owner occupiers that choose to manage the development process themselves, work out to be better off financially than those who buy a new developed office warehouse building.

Phillip Court Business Park was jointly subdivided by Mirvac and Australia Super on land that adjoins and originally formed part of General Motors Holden headquarters in Port Melbourne.

Mirvac developed a new headquarters for Holden on part of the land in 2005, and retained a portion for itself.

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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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