Iveco sells landmark Melbourne production plant
EXCLUSIVE
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.
Colliers’ Daniel Telling, Gordon Code, Gavin Bishop and Sean Thomson were the agents.
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.
Subscribe to our newsletter at the bottom of this page.
