Tupperware has finally sold its Ferntree Gully headquarters – a landmark property it built 59 years ago.
The plastic maker is banking just over $20 million.
The purchaser is a company controlled by Kevin Ward, a prominent eastern suburb builder and investor responsible for the 12-hectare Vulcan site redevelopment at the corner of Bayswater Road and Mountain Highway, Bayswater.
A year ago the buyer listed a showroom and neighbouring 9.9ha tract in Canterbury Rd, Kilsyth, with c$50m total price hopes.
The 5.9ha Tupperware site at 19-21 Brenock Park Drive was last listed five months ago.
Dawkins Occhiuto’s Chris Jones, Walter Occhiuto and Andrew Dawkins were the agents, with JACX Property’s Michael Jackson, transaction manager.
With two zonings, Industrial 1 and Special Use, the parcel has more than 520 metres of street frontage (story continues below).
Occupiers and developers were targeted.
Ferntree Gully is about 30 kilometres south east of Melbourne.
Tupperware has wanted out since 2017
Tupperware managing director Daniel Wood previously said the property disposal was part of a global strategy to consolidate operations and streamline its supply chain.
All the products it sells in Australia now are manufactured overseas, too.
The vendor last listed the 22,613 square metre office-warehouse at the end of 2017 – two months after the last local commercial property cycle peak.
Last year, it appointed agents to lease it.
It was offered for sale vacant; an expressions of interest campaign closed on May 9, it had settled 30 days later.