The parcels are in close proximity but do not adjoin MGI’s Interchange Industrial Estate in Leakes Road, Laverton.
Sources expect the land to be marketed under the Interchange Industrial Estate banner, once they are rezoned from Rural to Industrial in the next 12 to 18 months.
The biggest purchase was for a 40 ha parcel on the corner of Leakes Road and Palmers Road, which sources say sold for about $22 million. Dingle Partners associate director and selling agent John Coe declined to comment on any part of the deal when contacted by Capital Gain, citing a confidentiality agreement with the new owner.
A second parcel of 32.5 ha on Leakes Road is also believed to have sold for $19 million in a cash transaction. Gross Waddell director Andrew Waddell, who sold the property, also declined to comment, citing a similar agreement.
The purchases boost MGI’s presence in the industrial heartland of Laverton, which has experienced strong growth in land values since the Western Ring Road was officially opened in June 1997.
Woolworths recently committed to 70,000 square metres at Interchange, which is a kilometre from a Princes Freeway exit, and two kilometres from the Deer Park Bypass, connecting the Western Ring Road to the Western Highway, due to be completed late next year.
Macquarie Goodman Industrial chief executive David van Aanholt told Capital Gain he had confidence in the Laverton area, describing it as one of Victoria’s fastest-growing industrial hubs.