Yale drops $275m for industrial development site
Yale Investment Group, the family office of Andrew Sirianni, has bought a significant Melbourne industrial development site, outlaying $275 million.
The deal for the 259.28 hectare parcel, 25 Vearings Road, Epping, was sealed after reports last May that Goodman was in early negotiations.
Sandhurst Retail & Logistics, or SRL, was the seller.
It also started building road infrastructure as part of the first stage of a proposed industrial estate marketed as the O’Herns Logistics Park.
The agents were Colliers’ Nick O’Brien, Daniel Telling, Sean Thomson and Gavin Bishop with LAWD’s Peter Sagar and Paul Callanan.
Settlement is scheduled July.
What is planned
The rectangle shaped site has 3.19 kilometres road frontage near the O’Herns Rd diamond interchange with the Hume Freeway.
Yale will build a business park across 118.1ha.
SRL had previously master-planned this component to contain c700,000 sqm, with a potential end value circling $350m.
About 127ha will be a cultural heritage approved conservation area.
The balance will be for infrastructure.
“The sale ensures Yale Investment Group control a huge development pipeline within the precinct, capable of satisfying an institutional-grade warehousing and industrial land subdivision,” Mr Sagar said (continues below).
“With the purchase of O’Hern’s Logistics Park, Yale Investment Group has secured the opportunity to develop a world-class logistics estate and achieve a potential higher order development outcome, including the potential for a large-scale data centre campus,” he added.
“The sale underscores the scarcity of quality industrial landholdings around Melbourne and reflects growing confidence for sites that offer scale, flexibility and development certainty, according to the executive.
Yale grows portfolio
Formerly known as Universal Corporation, Yale last year bought South Yarra’s Chapel Street Huts site with plans for a six level office.
Meanwhile in 2022 the group, which also manages funds, acquired a 141.4ha Avalon block with plans for a commercial project including mid-rise offices.
Its portfolio includes a Sunbury site too – earmarked for a 31,000 square metre shopping centre, 2500 sqm medical centre and 100-key hotel.
“Appetite remains strong for large scale development opportunities in precincts such as Epping that are validated by record rental growth in recent years,” Mr O’Brien said.
“With increasing demand from data centre mandates currently evident in Melbourne’s north-west, unlocking scalable land that is readily serviced and developable is a key focus for capital sources both domestic and global,” he added.
Mr Sirianni is a developer and business consultant.
Epping is 20km north of Melbourne’s CBD.
The O’Herns Logistics Park site is c16 minutes drive to Melbourne Airport, the agents said.
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