IKEA sells Campbellfield’s ex-Pipeworks Market as industrial development site

The high profile site is visible to commuters on both the Metropolitan Ring and Mahoneys roads.

More than 10 years after buying Campbellfield’s ex-Pipeworks Market for a store it never built, IKEA has sold it.

The incoming owner, a local industrial developer, is planning a major business park.

The Mahoneys Road parcel was marketed with a nearby tract – all up 8.5 hectares.

Both blocks are visible from the Metropolitan Ring Road.

The IKEA property comprised c88 per cent of the offering (story continues below).

The sale price is speculated at about $15 million.

JLL agents Mario Moscon, Anthony Cannizzaro and Matt Ellis declined to comment other than to confirm a deal.

Earlier this month, a Centennial Industrial Logistics managed partnership paid $13.297m for another investment in the suburb – 40 Decco Drive includes a vacant distribution centre on 3.6ha with development upside significant enough to more than double its capital value.

A 2.7ha block at 27-35 Cooper St – at the top and opposite end of Campbellfield to the IKEA site but nearer to Epping’s Melbourne Wholesale Fruit, Vegetable & Flower Market – recently traded for $8.25m after several years and campaigns, like 400-466 Mahoneys Rd, to a major local developer.

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Marc Pallisco

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

Marc Pallisco