Maribyrnong warehouses earn $20m from developer
Another industrial property around the Highpoint Shopping Centre will make way for a major apartment complex, after selling to a developer for close to $20 million.
The 4940 square metre holding, 19-21 White Street, was offered by Hengmao permit-ready for a 12-level Elenberg Fraser designed complex with 280 dwellings.
The ground floor, within a commercial area, would contain retail.
Savills’ Benson Zhou, Julian Heatherich, Nick Garoni and Tanya Su represented the vendor which acquired the adjoining warehouses in 2016.
Offshore developers, including groups intending to construct Build to Rent product, inspected, Mr Zhou said.
In the end, the asset traded to a Sydney outfit.
The deal comes two months since EG in partnership with Australian Venue Co outlaid $30.33m for the freehold going concern of the suburb’s Anglers Tavern,
Spreading an 8270 square metre General Residential zoned site on the banks of the Maribyrnong River, the incoming owners have flagged part of the parcel as capable of being developed.
Maribyrnong building up
The White St sale comes four months since a 1.21 hectare block at nearby 191 Maribyrnong Road sold for $22m – for a BTR project (story continues below).
Elsewhere in the area, Bewise is constructing a major residential village, Hampstead Park, on a three hectare Hampstead Road block, parts of which formerly accommodated a self storage facility and factory outlet.
The GPT Group, which in 2017 snared full control of Highpoint, has earmarked major apartment complexes at that site in the medium term too.
A 128ha ex-munitions factory, controlled by the Department of Defence, is, as well, expected to make way for a residential redevelopment at some stage; the land has been mooted for remediation and sale by both major federal governments for more than a decade.
“The strong interest in this [19-21 White St] site is a clear indicator of confidence returning to the suburban residential market, buoyed by continued migration and house price growth,” Mr Zhou said.
Sydney groups have become more prominent since last year, attracted to the city’s relative value, Mr Heatherich added.
“Recently, we have transacted sites to Sydney buyers for land subdivision, suburban apartments, luxury residential and office,” according to the agent.
“The rise of BTR projects across Melbourne, which is now the leading BTR demand in Australia, is adding depth to the market for large scale permit approved projects,” he said.
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