Melbourne industrial site fetches $62m from JV

Also today, we are reporting Amazon bought a Cobblebank site (outlined).

Eildon Capital Group, in a joint venture, has snapped up a major industrial development site in the outer south east Melbourne suburb of Officer.

About 51.4 hectares of the Officer site is developable.

The ASX listed group is paying $62 million for the 83.3 hectare Urban Growth zoned ex-farm, 90 Handford Lane.

About 51.4ha is developable.

LAWD’s Peter Sagar, Paul Callanan and Darcy Tobin marketed its potential to yield a flagship business park – exactly what the incoming owners intend to do.

After infrastructure, some 35ha should yield employment space.

Prime site

Eildon will co-invest 15 per cent of the capital for 90 Handford Ln over four years with JV partners, Providence Officer South Trust and BMYG Partner Land Opportunity No 2 Fund.

It will also act as investment manager.

“The transaction is in line with Eildon’s strategy to secure funds management investment opportunities and commit to transactions utilising the group’s balance sheet for co-investment,” the buyer said (story continues below).

Neil Werrett recently paid $130 million for a Clyde North industrial development site.

“The group’s strong balance sheet and cash reserves provides the ability to fund growth initiatives and new strategies within the Australian real estate market across credit and equity,” it added.

Settlement is scheduled in February, 2028.

Officer is about 48 kilometres from the CBD.

Last year at Clyde North, about 10km south west of it, Black Caviar owner Neil Werrett paid $130m for a 53.4ha industrial development site – a significant rise on the $60.5m vendor Oreana outlaid three years earlier.

MAB also bought a commercial building block near there: the 32.6ha parcel, of which 29.97ha is developable), cost it $60m.

Mr Sagar, Mr Callanan and Mr Tobin brokered those deals too.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of