Maidstone Development Site Fetches $20 Million

The 35-77 Emu Rd property comprises 27,834 square metres of buildings on a 5.82 hectare site with 480 metres frontage to Emu Rd. The building complex includes 19,854 square metres of warehousing, 1932 square metres of office space, and 6156sqm of dedicated cool stores. The building area covers 48% of the site.

Located close to Highpoint Shopping Centre in a popular residential precinct the Industrial 3 zoned property includes total income of nearly $2 million consisting of a new short term lease to FBA Imports returning $1.5 million per annum and a second tenancy returning $486,720 per annum net to Versacold Logistics Limited.

According to marketing agents Stephen Newsham and Tony Iuliano the property would suit a range of buyers including investors, developers, and owner-occupiers and had strong potential for income growth in an environment conducive to further development.

“Major development sites which offer a range of options to purchasers are becoming
extremely rare in the market place, especially in the inner western suburbs of Melbourne.

“The property offers several potential options including investing as is, subdividing the buildings and adding more tenants, redevelopment to offer high quality office/warehouse, or refurbishment,’’ Mr Newsham said.

He said several residential developers had converted industrial land to residential and offered house and land packages within close proximity of the subject property.

Major occupiers in the immediate vicinity include Highpoint Shopping Centre, Pelaco, Bunnings and a Homemaker Centre.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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