Developer buys balance of Melbourne quarry
A prominent developer has bought the balance it didn’t control of a former Boral quarry in a growth corridor south east of Melbourne, to expand a proposed industrial estate.
The 32.45 hectare tract – of which 19.47ha is developable – 1520 Thompsons Road, Cranbourne East, is speculated to be costing MAB Corporation about $50 million.
Seller, fund manager Fawkner Property, via a company, paid just over $3m in early 2008.
Coincidentally, the parties’ headquarters are close, on St Kilda Road.
Peter Sagar, Paul Callanan and Henry Sayers of LAWD closed an expressions of interest campaign on July 11.
Cranbourne East is about 45 kilometres from town.
Croskell deal sealed on St Kilda Road
MAB was a likely buyer for 1520 Thompsons Road – having in mid-2022 acquired a smaller piece of the property also once known as a Nubrik Quarry (story continues below).
Spreading 12.2ha at 1550 Thompsons Rd, that cost a speculated $20m.
At the same time, the developer purchased the neighbouring 32.6ha former farm (of which 29.97ha is developable), 1568 and 1580A Thompsons Rd – outlaying c$60m.
All parcels are affected by the approved Croskell Precinct Structure Plan, which will see a Commercial rezoning.
A 250,000 sqm business park with an end value circling $800m is expected across the amalgamation.
MAB was founded nearly 30 years ago by brothers Michael and Andrew Buxton.
The 1520 Thompsons Rd deal comes seven weeks since we reported the company launched an industrial estate, Haystone, at Westmeadows, near Melbourne Airport.
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