Time & Place sell down maiden industrial project

McDonald’s Williamstown North, on 3550 square metres, took 12 weeks to build.

Time & Place has banked $7.5 million from a convenience retail investment carved out of an ex-Mobil site in Williamstown North.

The sites cover the south east corner of the Williams Point business park.

The 6999 square metre Kororoit Creek Road property – an amalgamation of two lots within the Williams Point business park – came with pre-lease agreements to Jasbe Petroleum, a major BP operator, and McDonald’s Australia – the latter which moved into its premises four months ago – 12 weeks after construction started.

JLL’s Tom Noonan, Jarrod Herscu and MingXuan Li said 12 offers came in.

Maiden industrial project sold down

Mobil acquired the 16.8 hectare parcel making way for North Point – also known as 85 Maddox Rd – decades ago to provide a buffer between its Altona refinery and Williamstown’s residential areas (story continues below).

Time & Place, led by Tim Price, purchased it in 2017 as its maiden industrial project, later subdividing it into 88 lots, now all sold down.

“Bringing high quality retailers to the Kororoit Creek Rd front has always been part of our vision for Williamstown Point, and we are delighted with the outcome,” the developer’s director, Chris O’Keefe, said.

The developer has since created seven business parks containing 200,000 sqm, in Victoria and New South Wales.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.