VinFast takes hit on ex-GMH Lang Lang proving ground sale
VinFast has taken a major hit selling the former Holden proving ground at Lang Lang – to an unexpected occupier – for $20.35 million.
The Vietnam-based car maker in March settled after offering the 877 hectare property twice publicly – the last in 2024.
The buyer is RedHawke Capital Investments, associated with DefendTex founder and chief executive Travis Reddy.
The defence technology company plans to use the testing ground – which includes several major buildings – for manufacturing and engineering.
DefendTex has been recruiting for roles at a ‘solid rocket motor manufacturing facility” including for propellant formulation, motor development and explosive ordinance design.
A portion will be retained for parkland.
Explosives maker planned
VinFast paid GM Holden $36.3m for the Lang Lang property in September, 2020, as much of Victoria was still in lock-down.
At the time the group planned to enter Australia after buying some superseded BMW designs.
It also leased a Port Melbourne headquarters before in 2021 shelving the expansion (continues below).
Lang Lang was also unsuccessfully offered for sale that year, with hopes of a break even price.
In 2025, VinFast leased the property known, 44 Rayner Hoff Drive, to Chinese car maker GWM,
VinFast suffers hit
GMH developed the proving ground, part exposed to the South Gippsland Highway, in 1957.
Holden ceased manufacturing cars here in 2017 – shortly after spending $7.2m upgrading the Lang Lang roads and $1.5m refurbishing parts of the 11,920 square metres of building stock.
It quit selling in Australia in 2020 – though GM still trades in other brands locally, including Cadillac.
Last year we reported the group leased an office/warehouse in a business park taking shape on a Dandenong South it previously occupied by Holden as a national distribution centre.
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