MAB to launch new business park in Melbourne’s north
Property developer MAB is preparing to launch Meridian Business Park, a 23.27 hectare estate on the former Goodyear site at Thomastown.
MAB acquired the former manufacturing property late last year to capitalise on the strength of Melbourne’s northern industrial market.
CB Richard Ellis has been appointed as the exclusive marketing agent for Meridian Business Park, which will be officially launched later this month.
The first stage of the project is a land subdivision incorporating 50 individual lots, priced from $275 per sqm to $315 per sqm. The lots range in size from 1,000sqm to 3ha.
CBRE Associate Director Dean Hunt said, “21 lots valued at circa $10 million were already under offer ahead of the official marketing launch.
‘’There are very few opportunities in Thomastown to secure industrial land and we have been fielding strong interest from developers and owner occupiers,” Mr Hunt said.
‘’The land values that are being achieved at Meridian are setting new benchmarks for the area, driven by the lack of quality land supply.”
Mr Hunt said the location of the MAB estate, which fronts both High Street and the Metropolitan Ring Road, was helping fuel interest in the Meridian Business Park.
MAB Business Development Manager David Herschell said, “infrastructure improvements such as the Craigieburne Bypass were underpinning tenant and investor interest in Melbourne’s northern industrial sector.”
Meridian Business Park is the latest project for MAB in the north, where the group is also developing University Hill, a $1 billion residential, retail and commercial centre at Bundoora.
Meridian Business Park is a staged project, incorporating the planned industrial land subdivision and the future conversion of the existing Goodyear premises fronting High Street.
The tyre manufacturer and distributor has taken a short-term leaseback over the existing 10,000 square metre office/warehouse which has the potential to be converted into a mix of office and retail development.