MAB has recently secured two key industrial landholdings in Melbourne’s South-East employment precinct of Cranbourne East. The two adjoining sites with a combined area of 44.75 hectares represent one of the last significant land holdings within the Croskell Precinct Structure Plan and is set to become an employment led development with an estimated value exceeding $400 million on completion.
The LAWD team of Peter Sagar and Paul Callanan brokered the sale for the 32.57 hectares site, and the adjoining 12.18 hectares parcel was acquired off market. The combined sites benefit from a significant frontage to Thompsons Road and will provide a key entryway into the Croskell precinct. The Croskell Precinct Structure Plan is one of the last to be prepared in the corridor and will satisfy significant demand for industrial land and asset investments in the area.
The group is speculated to be paying $55 million for a 32.57 hectare farm (about 29.97ha of which is developable) covering 1568 & 1580A Thompson Rd plus a further $20m for the neighbouring 12.2ha parcel at 1550 Thompson Rd.
The future development has the benefit of established infrastructure including, an already duplicated Thompsons Road, access to a booming residential catchment and close to a number of significant retail centres. The sites, when fully developed, will ultimately comprise over 180,000m2 of state of the art industrial and logistics space. MAB will now commence work with the Victoria Planning Authority to complete the Precinct Structure Plan.
The future business park sits in close proximity to an industrial ‘hot spot’ along the Western Port Highway, surrounded by industrial heavyweights LOGOS, Goodman Group, ESR Australia and Salta Properties. The recent acquisition expands MAB’s portfolio of industrial developments in the City of Casey and follows the success of Thompsons Base, Element Park and MAB’s 2020 acquisition of 32 hectares of greenfield residential land in Devon Meadows.
MAB’s General Manager Commercial and Industrial, Michael Martin said, “we have been active in growing our industrial pipeline in key markets to meet rising demand, in what continues to be an extremely competitive market.
“The recent acquisition of the Cranbourne East sites expands our industrial pipeline to over 1,066 hectares.
MAB’s commercial and industrial portfolio of completed and future projects end value now exceeds $10 billion with developments located in Melbourne’s North, South East and the emerging Geelong region including MAB’s Greater Avalon, a 21st century business park currently in planning.