MAB business parks move west with $22 million acquisition
|Victorian property group MAB Corporation have recently paid around $22 million for a significant industrial development site in Melbourne’s western suburbs, within close proximity of the new Deer Park Bypass.
The 34.5 hectare property located at 165-211 Robinsons Rd abuts the Bypass, which is currently under construction and due for completion in late 2009. The site has 366 metres frontage to Robinsons Rd and frontage to the national rail network.
Tony Iuliano, the Associate at Colliers who brokered the deal on behalf of the vendor Leighton Properties, said, “this is a property ideally suited to an industrial subdivision with a flexible Business 3 Zoning and MAB will be able to explore the potential for trade supplies and showroom style buildings, together with more traditional warehouses providing, the company with some advantage over its competitors.
“When a substantial and astute private company such as MAB expands its business parks operation from its traditional northern base, it demonstrates a vote of confidence for the west,” said Mr Iuliano. “The close proximity to the Bypass had proved a key factor in the acquisition.”
The site is in close proximity to the new Deer Park Bypass with Robinsons Road becoming the major north-south arterial connecting the Altona, Derrimut and Deer Park precincts. It will feature a comprehensive interchange with the new bypass to the Western Ring Road allowing both ingress and egress less than two kilometres from the property.
“We are very excited about this acquisition as we see it as a great opportunity to take our successful business park model and apply it to a new market,” said Philip Soumilas, MAB’s General Manager Commercial & Industrial.
“Located in the Shire of Melton, a major growth corridor in Melbourne’s West, the site will be a great value add for businesses and residents.”
Nando Pellicano, Director of adjoining property owner, Pellicano Group, welcomed MAB to the area. He said the arrival of another major property group would heighten the industrial market’s focus on the immediate area and act as a catalyst to advance the progress of development.
Work on the subdivision will begin as soon as practical with the first land release ready by late 2008, following the branding and naming campaign.