Redevelopment of Kelly Brothers Market Garden Continues
Private developer the Gillon Group and ASX-listed Abacus Property Group paid $18.9 million for a 34-hectare slice of the Kelly Brothers farm in October 2006.
In August, it sold 22.9hectares of this land to supermarket giant Aldi for $24million. Aldi has just started building a 55,000-square-metre distribution centre on part of the site. Colliers International’s Tony Iuliano and Kosta Filinis are now selling the balance of the Gillon and Abacus parcel.
The blocks are between EastLink and the Western Port Highway. They will abut a new arterial road that will pass through the centre of the former farm, connecting industrial tenants to Remington Drive and the South Gippsland Highway.
Land price details have not been released, but local agents speculate values are about $200 a square metre, meaning the sale should reap the vendors about $20 million.
Private developer Pellicano bought an adjoining 70-hectare slice of the farm for more than $45 million about the same time as Gillon and Abacus purchased their portion of the Kelly Brothers property.
Kelly Brothers relocated its vegetable farm operations to a much larger site in Yarrawonga, but still retain substantial portions of land in the area, sources say.
