McMullin Group in Industrial Land grab in Donnybrook

26 May 2019

As the industrial market continues to tighten across Melbourne, the McMullin Group have acquired land at 45 Donnybrook Rd, next to the Hume freeway at Mickleham. The 67 hectare site, previously owned by Shell, was marketed by CBRE. The purchase price has not yet been disclosed however reports suggest that based on market rates of $60/sqm, the transaction could be worth approx $40m. The actual price is likely to be less than this as almost half of the site has native vegetation and environmental constraints and is unable to be developed. The McMullin Group have recently sold out its Northpoint Enterprise Park (127ha) and have substantially progressed their ConnectNorth Business Park in Epping. MAB Corporation in a JV with the Gibson Property Group control most of the employment land in the Donnybrook Rd precinct and were an under bidder for the Shell site. In 2017, MAB acquired 131ha of industrial and residential land from AMP Capital for $53/square metre, adding to their 330ha at Merrifield Business Park. Dulux were the first company to be established at Merrifield Business Park, with the completion last year of a $165 million water-based paints factory on a 17 ha site. MAB have sold approx 50ha of industrial lots in the Business Park. The Federal Government has also developed a new national Quarantine Facility on 144ha of land which it acquired off AMP Capital in 2012. Location Plan: #Industrial #Development