A 12.21 hectare piece of the prominent ex-Iveco factory, at the south east corner of the Princes and South Gippsland highways, in Dandenong South, has sold to Aliro Group and ISPT for over $95 million.
The land is set for a business park.
A 1.7ha portion, originally part of the offering, at the busy intersection, will be retained by the vendor, Iveco Trucks Australia, for an innovation centre.
1-27 Princes Highway, Dandenong South
Iveco in July relocated its Melbourne Truck Dealership, which occupied part of 1-27 Princes Hwy, to #63 in the street, where it was rebranded Prestige Iveco.
It was also about this time production at the 41,915 square metre multi-building Aliro/ISPT property ceased after decades; the Netherlands based motoring giant now fully imports its heavy duty range from Spain.
The eastern edge of the Commercial 2 zoned holding neighbours a 2.35ha warehouse, 29 Princes Hwy, which traded in 2003 for $3.55m per ha (story continues below).
The 1-27 Princes Hwy asset by comparison is costing $7.8m.
The deal comes a year since Aliro outlaid $19.2m for a 2.4ha industrial investment in the suburb, at 269-271 Frankston-Dandenong Road.
Elsewhere in Dandenong South – considered Melbourne’s most exclusive industrial precinct outside of the inner-city – developer Pellicano earlier this month purchased the Lunar Drive-In, at 115 South Gippsland Hwy for a speculated $40m.
Next door, Cadence Property Group recently completed a 40,380 sqm business park on 4.1ha – which it sold fully leased on a funds through basis to Centuria last year for $88.8m.
In June we reported Toyota Materials Handling acquired a site in the suburb, 253 Discovery Rd, for an operations building to occupy.
Dandenong South is 40 kilometres south east of town.
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