IOOF Investment Management Buys $24 Million Industrial Asset, Derrimut

IOOF Investment Management Ltd has paid $24 million for a 27,000 square metre industrial facility in Melbourne’s west.

The Derrimut investment is within Australand’s West Park Industrial Estate – a 290 hectare industrial park located fifteen kilometres from town on Boundary Road, abutting the Deer Park Bypass.

Just over a year ago IOOF paid $19 million for another asset in the Australand estate. Other West Park occupants include Mitre 10, Freight Specialists, La-Z-Boy and Bed Bath N’Table.

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Australian Ballet Spends $10 Million on Altona Office Warehouse

AUSTRALAND Property Group has sold an as yet unbuilt office and warehouse facility in Melbourne’s west to the Australian Ballet.

The 9840 square metre facility within the Access Altona estate in Altona will start construction this month, and is due for completion at the end of the year.

Australian Ballet, a national dance group, will amongst other things, store scenery, props, lighting and costume equipment at the new facility.

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Downer EDI Reaps $16.4 Million From Sale of Australian Portfolio

ENGINEERING firm Downer EDI has sold seven industrial sites across Australia, reaping a total of about $16.4 million.

In the biggest sale, a Somerton laboratory with a 15-year leaseback to Downer, sold for $7.6 million to a private investor. The sale price equates to a 9.3 per cent yield.

In Geelong an engineering plant sold for $2.23 million on a 7.4 per cent yield.

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Tontine Pillow Site, Brunswick, to be Replaced With Major Shopping Centre

MELBOURNE’s next major shopping centre will be developed in Brunswick East, after a prominent 1.9 hectare factory, formerly occupied by Tontine Pillows, sold to developers.

The site at 127 – 137 Nicholson Street was listed by receivers for the Letten Group of companies, and sold to the Melbourne-based Banco Group, a representative of which was unavailable for comment.

Banco is believed to have paid $15 million for the huge Brunswick East site, which also has frontage to John, Gamble and Rickard streets, offering flexible and mixed-use redevelopment approval. Any sale to Banco would follow a $20 million purchase of the Footscray Plaza shopping centre in February.

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MAB Plans $60 Million Business Park to Replace West Gate Collection Point, Port Melbourne

MAB Corporation plans to build a $60 million business park at a prominent Port Melbourne site it bought last month from the redundant Brumby government (highlighted, red, right).

The St Kilda Road based private developer, which at one stage was linked to buying Doncaster’s massive Eastern Golf Course, says it expects to lodge redevelopment plans for its new Cook Street site by the middle of this month. The Port Melbourne property is due to settle on January 7, 2011.

MAB commercial and industrial general manager Richard Johnston said the former Vicroads toll collection facility for the West Gate Bridge has a 500 metre frontage to the West Gate Freeway, and passing traffic of some 160,000 vehicles a day.

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John Sands Sells Clayton North Headquarters, Melbourne, For $10 Million

GREETING card company John Sands is believed to have pocketed about $10 million from the sale of its outgoing head office and former manufacturing plant in Clayton North.

On almost four hectares and with a 235 metre frontage to busy Clayton Road, the Business 3 zoned land included six buildings with about 20,000 square metres of office and warehouse space.

Vinci Carbone director’s Frank Vinci and Joseph Carbone acted for John Sands selling the Clayton North property. It sold to a partial, and as yet undisclosed owner occupier represented by Savills Lynton Williams.

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Queensland’s Tony Quinn Buys Major Laverton North Factory, Melbourne

LAVERTON North’s former McCubbins Pet Food Factory has sold for about $6 million to Queensland based pet food mogul and multi-millionaire, Tony Quinn.

The 10,600 square metre parcel at 75 – 77 Dohertys Road includes offices, cold stores, blast and plate freezers and two warehouses totalling 2300 square metres.

The existing building occupies just 22 per cent of the overall site, offering development potential down the track, should Mr Quinn’s pet food company, VIP Pet Food, decide to expand further.

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Coles Makes Major Purchase in Coburg

COLES Group Property Developments is understood to have paid about $6 million for a major retail development site in Coburg.

The 1.75 hectare property at 180 – 196 Gaffney Street also has access to Sussex, Lens and Marion streets – making it a prime site for a mixed use project including apartments and offices, as well as a supermarket-based shopping centre.

The site is currently a collection of industrial warehouses spread across fifteen titles.

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Booth Transport, Toll, Contribute to Major Industrial Lease Deals, Melbourne

DEMAND for industrial space in Melbourne is continuing, with a string of major lease deals announced in recent weeks.

Brillian Aluminium has leased a 24,800 square metre facility at 61 Australis Drive, Derrimut in Melbourne’s west, where it is believed to be paying a rent of about $55 per square metre.

Booth Transport is believed to have leased about 20,000 square metres in Salta Drive, Altona North, while TTL Holdings has leased a 12,800 square metre facility of three warehouses in nearby Geelong Road.

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