MAAS Group lands another big industrial site
ASX-listed MAAS Group, led by ex-NRL player Wes Maas, has bought a sizeable industrial site in Newcastle’s north-west.
The 2.27 hectare holding, 121B Woodstock Street, Mayfield North, set it back $13 million or $572 per square metre.
Three buildings containing a total 4180 square metres – a 1780 sqm warehouse and two 1200 sqm workshops – cover 17 per cent of the site.
Most of the block is configured with hardstand – lending itself to the increasingly popular industrial outdoor storage (IOS) sector.
Four offers came in, Colliers’ Tim Woolf and Nick Christensen, who marketed the property, with Knight Frank’s Michael Boom and Dan Barry, said.
Mayfield North is about eight kilometres from Newcastle’s CBD.
Wes Maas strikes another deal
Founded by Maas at 22 with one Bobcat and a tipper truck, MAAS is now an ASX-listed construction materials, civil, equipment and property group.
Mr Maas remains chief executive and managing director.
The executive is also a former South Sydney player – last year launching Cavalo Prestige with Hass Fahd from a 1.78ha former Subaru site at Docklands.
Three months ago, Mr Maas paid $15m for a suburban Melbourne property leased to Genesis Health + Fitness, a rival of the Derrimut 24:7 gym chain he bought into earlier this year (continues below).
Now for lease
Colliers has now been appointed to lease 121B Woodstock St; since agreeing to sell it to MAAS, Mr Woolf and Mr Christensen have filled 83pc.
“From a leasing perspective, the property attracted sympathetic style users looking for engineering and hardstand amenity close to the readily available labour force, port and major arterial roadways,” Mr Christensen said.
“The SP1 Special Activities-zoned site also benefits from dual street exposure and proximity to the Port of Newcastle and major arterial routes,” he added.
The deal comes 10 months since realestatesource.com.au reported Mr Maas sold the ex-Newcastle Fruit Markets site at Sandgate to the Newcastle City Council as an investment.
That deal was worth $38.7m.
The investor and developer paid $23.45m in 2023 with plans to convert it into a food and logistics hub.
MAAS Group has also been developing a 23ha industrial estate at Tomago and expanding its self-storage business in that region.
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