McMullin Group has purchased the redundant Warragul saleyards, about 100 kilometres south east of Melbourne.
A commercial based project is planned for the 1.67 hectare block, anticipated to include large format retail and, possibly, industrial.
The outlay is speculated to be c$10.5 million.
The seller was Bill and June Dineen’s Baw Baw Livestock Exchange, which picked it up from the Baw Baw Shire Council for $3.25m in 2002.
Four years ago, the Dineens offloaded the business which operated at the site, and its associated infrastructure, to the Victorian Livestock Exchange, which earmarked it for a $10-$12m redevelopment.
VLE also owns an exchange facility at Pakenham, again in the south east, but 45 kilometres closer to town than Warragul.
Last year, the Victorian Civil and Administrative Tribunal approved amended plans for a major saleyards facility, at Longwarry, between Pakenham and Warragul.
Next chapter for prime site
At 44-56 Alfred Street, between the town’s train station and Logan Park racetrack, the Commercial 2 zoned ex-Warragul saleyards, also known as the WSC Saleyards, was vacated by VLE at the end of 2019.
McMullin picked it up following a marketing campaign late last year; Wilson Property’s Ben Wilson and Chloe Taylor were the agents (story continues below).
The property was also for sale in 2021 – after which another Melbourne developer earmarked it for Gippsland Gateway, a 7500 sqm large format retail and lifestyle project, penned by Buchan Architects, which never advanced.
Despite being about 35 km east of the Urban Growth Boundary, Warragul’s proximity to greater Melbourne has seen it in recent years become a residential growth corridor.
According to the local council, the region’s population is forecast to grow to 87,281 by 2041 – up 44.1 per cent on its current level (60,688).
Elsewhere in the area, Centuria in 2021 paid Roc Partners’ Flavorite Group $177m for a 78ha tomato and blueberry farm, on Copelands Road.
Four years ago, meanwhile, Newmark Capital, for its Property REIT, acquired a 5.7ha large format retail asset in the town, occupied by, amongst others, Adairs, Bunnings, Kmart, PETStock and The Reject Shop.
That seller was Troon Group.
The outlay was $51m.
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