Sector embarks on major spending spree

Sector recently paid $7 million for 44 Albert Street, Preston (outlined).

Sector Property Group has swooped on a major industrial asset in Melbourne’s west Altona, with plans for a business park.

The 6.19 hectare parcel, 353-357 Kororoit Creek Road (Google Street View image, top), is setting the builder back a speculated $24.5 million.

A 22-lot subdivision is planned with blocks to range from 1570-4570 square metres.

The deal comes in the same week Sector paid $25.5m for a 5.92ha Epping site, also earmarked for an industrial estate.

The total outlay marks the 20 year old company’s biggest spending spree.

Sector expands in all directions

The Altona and Epping acquisitions cap off a busy year for Sector, led by David Loakes.

In July, the developer paid Glasskote $24.25m for the spaceship-shaped Oakleigh South office built as an Atari showroom (story continues below).

Not long earlier, the developer outlaid $7m for a 6500 square metre Preston block, north of town.

Both these properties will be replaced with self-storage and micro-warehouse complexes under the company’s The Base brand.

Sector also co-controls a 1.52ha Industrial 1 zoned parcel at Spotswood, in the city’s inner west.

Last September, the group sold a Ringwood office abutting Eastlink after snaring VicRoads as a tenant for an initial 12 years.

The month before, it offloaded a Mitcham childcare centre, off the plan with a pre-commitment, for $7.1m.

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Marc Pallisco

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