United Petroleum founders snare growth corridor site

United Petroleum purchased the Clyde site at the Clyde North border.

United Petroleum founders Eddie Hirsch and Avi Silver have snapped up a 1.21 hectare corner site at Clyde North, 46 kilometres south east of Melbourne.

The 1.21 hectare Clyde North site was held 34 years.

Via companies, the partners are paying $6 million for 335 Berwick-Cranbourne Road, also the intersection of Clyde-Five Ways and Pattersons roads – which in this part of town, is the Clyde border.

A Clyde site with three street frontages recently sold for $180 million.

Part of a former farm, held by a family for 34 years, the deal is being struck on a 60 day settlement.

Six offers were received following an on-market, private sale campaign, CBRE marketing agents David Minty, Nathan Mufale and Jing Jun Heng, said.

The deal comes less than a year since major industrial development sites in the suburb traded: Black Caviar owner Neil Werrett’s Galileo Group picked up a 53.6ha parcel from Oreana at 585 Berwick-Cranbourne Rd – not far from the Hirsch/Silver block – for $130m, while MAB Corporation outlaid $60m for a block near there.

Last week we reported a syndicate led by local businessman Joel Klein outlaid over $180m for an 81.2ha Clyde commercial development site (story continues below).

Neil Werrett paid $130 million for 585 Berwick-Cranbourne Road.

Commercial users would pay more: agents

Part of the Pakenham growth corridor, Clyde North is 20 kilometres west of that town.

The marketing agents said despite the 335 Berwick-Cranbourne Rd land zoning, Urban Growth, with allows residential, their campaign targeted commercial and alternative users they felt would pay more. Service station and fast food operators were the predominant bidder, they added.

Earlier this year we reported McDonald’s divested a prominent site in nearby Cranbourne East for $8.29m after cutting off the prominent corner, fronting Adrian Street and Ballarto Road, to retain for a store. That buyer was Oreana.

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Marc Pallisco

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