‘Good Year’ for MAB
MAB Corporation sells the 10,000 m2 Good Year warehouse at Meridian Business Park, Thomastown.
MAB Corporation (MAB) went to tender in October 2008 with the Good Year warehouse 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 building, zoned Industrial 1, is located 25 minutes from Melbourne CBD at the entrance to the Meridian Business Park, which is a 24 hectare project being developed by MAB.
The warehouse is 9,352 sqm with multiple recessed loading docks; on-grade roller shutter doors and a 742 sqm level one office plus ground level lunch rooms, toilets, factory manager offices.
The private sales campaign closed in October 2008 and MAB have been working with three serious buyers since that time. MAB’s General Manager for Commercial Industrial Mr Richard Johnston commented, “the property attracted substantial interest and we are pleased with the sale particularly in this slower market we are experiencing. The turning point for the deal was the Good Year Lease expiry of the 31st March 2009 which crystallised the opportunity for owner occupiers, smaller developers and investors to stamp their own direction on the property.”
Rutherford’s Real Estate introduced the purchaser and assisted MAB in closing the deal with a private buyer.
This sale brings the total number of transactions at Meridian Business Park to 22 with total sales in excess of $15 million.
“With final civil works due for completion in the middle of the year, we are proud of being close to half way through our sales. It shows that the interest is still there for good land in a convenient location, in fact Meridian provides the only true business park land release in the Thomastown area,” Mr Johnston said.
MAB’s sales at other business parks are also tracking well, in particular Translink where MAB have in excess of $5M in sales since January 2009.
“Since the start of this year, we have seen a promising improvement to industrial activity. “By approaching our customers and all agents directly, MAB have become closer to our customer base. We understand the need for flexibility when matching buyers to product. Transactions are still occurring and we have been taking market share in these tight times.”