JMC trebles money on Maribyrnong site
JMC Group has sold a prominent Maribyrnong site, opposite a Department of Defence ex-explosives factory, for $22 million to an as-yet-undisclosed Build to Rent developer.
The former furniture showroom on 1.21 hectares at 191 Rosamond Road, also with frontage to Raleigh, has the potential to make way for multiple towers.
CBRE’s David Minty, who marketed the asset with Nathan Mufale, Jing Jun (JJ) Heng and Bryce Pane, said seven offers were received following the close of an expressions of interest campaign.
Several BTR developers looked in, he added, as did self-storage firms.
With improvements containing 8265 square metres, retail investors and occupiers were also targeted (story continues below).
JMC has developed major apartment projects in the suburb including nearby Aspire, Calibre and Marque, between 62-68 Wests Road, also on the corner of Raleigh.
The Rosamond Rd holding – for which it paid the Department of Defence and Transport $7.11m in 2014 – is less than 500 metres from Highpoint Shopping Centre, which is earmarked for residential product, longer term.
The 128ha Defence site is also expected to make way for a major residential community; the contaminated property was unsuccessfully offered for sale in 2018.
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