Orica lists four more pieces of landmark Melbourne site
Orica is moving to sell four more pieces of its landmark former explosives factory, in Melbourne’s west Deer Park.
The Commercial 2 zoned parcels, near each other at 753-757 Ballarat Road, and #761, measuring 2.8 hectares, are expected to sell for a total $15 million.
A quick service retail, large format retail or office developer – or occupier – is likely, according to the marketing agents.
The listing comes 15 months since Orica sold an adjoining 67 hectare block with the same zoning, but better suited to industrial, for $260m (or $173m after tax) to UniSuper which plans to build a $1 billion estate with GPT and HB+B Property.
Both blocks were remediated after being occupied for explosives testing and storage from 1874 until a wind-down from 1988-1994.
Following any sale of 753-757 and 761 Ballarat roads, Orica holds about 60ha of the ex-factory – which it has earmarked to sell in the medium term.
High profile sites: agents
The Deer Park parcels being offered – four adjoining blocks less than a hundred metres from each other – are being offered individually, from 2023 square metres.
More than 60,000 vehicles pass the properties a day, according to Gross Waddell ICR selling agents Danny Clark, who is representing Charter Keck Cramer on behalf of Orica, with colleague Alex Ham, said.
They have a combined 420m Ballarat Rd frontage, he added.
They are also near the Deer Park train station and Western Ring Road, according to the agent.
“The area is becoming a premium destination with the new addition of Costco merely 500 metres [away] and benefits from surrounding projects including Sunshine Energy Park, Development Victoria’s Cairnlea project and the Airport Rail Link”, Mr Ham said.
“Plus, Orica’s sale of 66ha to UniSuper has potential to accommodate over 340,000 sqm of prime logistics and warehouse space, further driving demand to the precinct,” he added.
Deer Park is about 17 kilometres west of Melbourne’s CBD.
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