MAB industrial sale drives market
13 September 2010
1.4ha property with 12-year lease sold
MAB Corporation (MAB) has announced that they have sold Independent Tube Mills (ITM) new corporate offices and manufacturing facility at Orbis Business Park in Ravenhall to a private investor for $6.6 M. The facility completed in July 2010 totals 6,900 m2 comprising 6,600 m2 of warehouse and 300 m2 office on 1.4 hectares of land.
MAB put the ITM facility to the market through Colliers International’s Industrial Director, Tony Iuliano and Senior Executive David Kalb.
“The flight to quality is a major influence on the industrial market. The strong sale result reflects the recognition of a strategically located, new A grade industrial facility with a 12 year lease. Investors in any market understand quality,” noted Mr Iuliano.
“This sale also reflects the growing trend towards new quality facilities attracting premium yields,” he said.
“Combined with MAB’s impressive record in quality industrial developments, the outstanding attributes of Orbis Business Park and the backing of a high quality tenant made us confident of delivering a promising result.”
MAB’s General Manager, Commercial & Industrial, Richard Johnston said, “MAB’s confidence in the industrial market and its investment in the project have been recognised in the commitment of ITM to the project and the subsequent strong investment result. We look forward to attracting more businesses to Orbis and to Melton Shire Council.”
MAB has further released Stage 1 Business 3 zoned land to the market ranging from 1,755 m2 to 1.5ha for office and industrial users. MAB have already secured 2ha of land sales with only 5 lots remaining.
About Orbis Business Park
MAB Corporation in conjunction with Pellicano Group have cobranded Orbis Business Park located at 165- 211 Robinsons Road, Ravenhall with MAB controlling 34 hectares of land. Orbis business Park is strategically located within metres of the Deer Park Bypass, offering excellent transport access.
Orbis Business Park boasts Independent Tube Mills 6,900 m2 manufacturing facility and the 20,000 m2 Salmat facility.
Orbis Drive, the main entry boulevard into the Business Park is now complete with a new signalised intersection from Robinson’s Road creating easy access and egress for the estate.
About MAB Corporation
MAB Corporation (MAB) is a privately owned property development company that has been successfully operating since 1995. With over $2 billion in projects MAB generates approximately $250 million in annual sales, has net assets approaching $200 million and employs almost 100 people.
Established and owned by fifth generation Melbourne property identities, Michael and Andrew Buxton, MAB has activities in residential, retail, industrial, commercial developments and a funds management business with approximately $250 million under management.
With an unrivalled ability to deliver on complex planning outcomes for major projects and an established track record of creating outstanding public places; our people are committed to the vision of producing quality developments. By daring to imagine such visionary projects as NewQuay, Docklands and University Hill in Bundoora, MAB is playing a significant role in reshaping the environments in which we live, work and play.
MAB with joint venture partner, Gibson Property Corporation has now embarked on its largest and most visionary development to date, Merrifield, a new city for Melbourne comprising in excess of 1,000 hectares located on the Hume Highway in Mickleham.