Michael King, a former director of the Victorian government arm now known as Development Victoria, has sold a 2.7 hectare industrial development site in Melbourne’s east.
Another local developer is paying $6.65 million for the Industrial 1 zoned plot at 53-55 Canterbury Road, Montrose, which was offered permit-ready for a service station and warehouse units (artist’s impression, top).
Savills Brad Esler represented Mr King’s 888 Property Group but declined to comment when contacted.
The property had been for public sale, not with Savills, most of last year.
The rectangle block has 80 metres of frontage to busy Canterbury Road – which is where the service station is proposed.
It is opposite Boral’s Montrose quarry – about 35 kilometres from the CBD, between Kilsyth and Mt Evelyn.
Last month, prominent eastern suburb commercial property developers Kevin and Ron Ward listed a four hectare industrial showroom in the immediate area (80-86 Canterbury Road, Kilsyth), with price hopes of about $15 million.
The Wards are also selling a neighbouring 9.9 hectare industrial site, seeking about $35 million (both pictured, below).
The larger parcel is also opposite the quarry.
Years ago, the Wards built a business park into the 12-hectare former Vulcan site in Bayswater at 841 Bayswater Road, on the north east corner of Mountain Highway.
Mr King was the former development director of the state government arm known at the time as VicUrban before establishing 888 Property Group, which he co-directs.