Receiver sells vacant Monbulk Jam Factory
The landmark manufacturing plant at The Patch, built in 1909 by James Camm as the Monbulk Jam Factory, has sold.
With 13,683 square metres in multiple buildings, on 21.59 hectares, the family behind Rayner Racing is speculated to be the buyer, outlaying $4.4 million including GST.
Receiver KordaMentha initiated the sale, appointing Jones Real Estate’s Paul Jones and Tim Spargo, who closed an expressions of interest campaign for 89 Camms Road mid-May.
The property previously traded, to Lyrebird Forest Pty Ltd, for $2.8m in 2000.
89 Camms Road
Vacant, 89 Camms Rd has the potential to earn an income immediately, the agents said, with a 56 megalitre annual water licence, valid four more years, able to support a range of agricultural focused businesses.
When it was last for public sale, via different marketing agents, last July, it was returning $1.65m per annum net.
Improvements could be revamped though many are modernised including a two storey office.
More product could be added too, on the Industrial 3 zoned component (a chunk is undevelopable, zoned Green Wedge).
Investors seeking to lease the spaces to multiple tenants, or sell them as stratas, were also targeted.
The Patch is about 35 kilometres east of Melbourne’s CBD, where industrial supply is limited.
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