MAB offers former Good Year factory at Meridian Business Park
CB Richard Ellis and CVA Property Group have been jointly appointed by MAB Corporation to market a 10,094 sqm, warehouse and office at 1 Heyington Avenue in Thomastown. MAB acquired the former manufacturing property in late 2006 to capitalise on the strength of Melbourne’s northern industrial market. The property is expected to realise around $6 million.
CBRE Associate Director of Industrial and Logistical services, Dean Hunt, commented that properties of this size rarely become available in Thomastown, particularly at a price so far below replacement value.
“There is limited supply of quality industrial land in Thomastown, especially with exposure onto such a prominent street as High Street and the Western Ring Road,” Mr Hunt said.
The building, zoned Industrial 1, is located 25 minutes from Melbourne CBD at the entrance to the Meridian Business Park, which is a 23 hectare project being developed by MAB. The factory warehouse is 9,352 sqm with multiple recessed loading docks, on-grade roller shutter doors and is fully sprinkled.
MAB’s Commercial & Industrial General Manager, Phil Soumilas, confirmed that the reason MAB initially purchased the site from Good Year was due to its prime position, “a building such as this on the frontage of the business park is a prime asset,” Mr Soumilas said.
CVA Property Group Director, Anthony Carbone stated they have been fielding strong interest from owner occupiers, especially with talk of a reduction in interest rates.
“Situated on the retail and commercial strip of High Street and adjoining the Metropolitan Ring Road means that the access and amenity to the site is excellent as well as the benefit of a train station being a short walk away” Mr Carbone said.
The site comprises of multiple loading docks at the northern and western ends with 13 on-grade and recessed roller shutter doors and level one office plus ground level lunch rooms, toilets, factory manager offices and there is additional land adjoining the factory that can be purchased.