MAB acquires prime land in Melbourne’s north
MAB Corporation has announced its acquisition of a major, high profile landholding in Thomastown, further strengthening its position as a significant developer of Melbourne’s north.
According to David Hall, General Manager MAB Business Parks, the 24 hectare site located in Thomastown, will be redeveloped into a MAB Business Park.
“Planning and development work on the site will commence immediately, so that this prime industrial land will be available to the market as soon as possible,” Mr Hall said.
“This is an important addition to our development portfolio and is an extension to our strategy of acquiring, master planning and delivering industrial product in Melbourne’s northern growth corridor.
“We currently have business park land from Translink in the north-west through to University Hill in the north-east.
“The site is located 17 km from the Melbourne CBD with frontage onto the Metropolitan Ring Road in Melbourne’s booming City of Whittlesea.
“Being connected to Melbourne’s transport network also provides businesses easy access to the recently completed Hume Freeway extension,” Mr Hall said.
MAB Corporation has been producing around 30 hectares per annum of industrial land in the northern region of Melbourne.
“This latest purchase within the City of Whittlesea complements our $1 billion University Hill project and provides a broader range of products for the industrial market in this key growth corridor,” Mr Hall said.
“Given the iconic status of this site and MAB’s reputation for developing high quality and innovative business parks, this development is set to create a highly visible presence and prestige standing for any organisation that moves into it.”
The vendor will remain on the site, with a leaseback arrangement for approximately 10,000 square metres of office/warehouse space.
The property was sold by Industrial Agents CB Richard Ellis.
CB Richard Ellis Associate Director Industrial and Logistic Services, Mr Vito Garra, said that the property attracted strong interest during the sale programme, given the quality of the redevelopment opportunity on offer.
“The site is possibly the last substantial site to be offered for sale within the Thomastown precinct and we expect that demand from local owner occupiers/investors to be strong for the redeveloped product,” Mr Garra said.
MAB Corporation is an established developer in Australia and continues to deliver innovative, high quality commercial, residential and industrial developments since 1995.
The company currently has over $2 billion in projects completed or commenced including the landmark NewQuay development precinct at Docklands, the award winning University Hill mixed-use development , National Business Park, Global Business Park, Northcorp Industry Park, Translink Business Park and a host of other award winning developments.