All but two lots of MAB’s $43 million Orbis Business Park in Ravenhall, have been sold, with a record breaking five lots sold in just five weeks, as developers and owner occupiers rush to secure scarce lots in the western suburbs of Melbourne. Just two corner lots of 3,153m2 and 4,974m2 remain.
Ninety-five lots were on offer at Orbis Business Park, which sold for an average of $180-$220 per square metre to local businesses and investors, with major operators such as Fuji Xerox and AS Colour securing land.
A similar sales wave occurred at MAB’s $79 million Alliance Business Park in Epping, which saw 31,922sqm of land sold in just four weeks, equating to 14 lots, ranging in size from 1,250 m2 to 10,831 m2. The average sale rate achieved was $294sqm, with the highest rate topping $315sqm.
MAB’s Director of Business Parks, Tony Blazevic, believes the influx of sales over the past few months is due to well-planned timing and the availability of development-ready land. “The releases were timed to satisfy pent up demand from both owner occupiers and investors, as there is currently limited stock of development-ready land in the north and west precincts,” said Blazevic.
Orbis Business Park is a 34 hectare business park community and Alliance Business Park is a 62 hectare site. Both offer a superb location, transport access, freeway exposure and facilities including childcare and cafes.
Common factors across all of MAB’s Business Park developments are access to major transport links, and flexibility of site requirements, which Blazevic says are crucial considerations for all prospective businesses.
“There’s no doubt the proximity to good transport links is an important factor for our purchasers and MAB is always very selective in choosing sites that offer a strategic location.”
With sales at Orbis and Alliance wrapping up soon, MAB is now focusing its energy on delivering Stage 1 of the 300ha Merrifield Business Park and securing new sites to deliver more Business Parks across Melbourne, following its winning formula for success.