Puma’s iconic Moorabbin site hits the market after 45 years

Owned and operated by Puma since the 1970s, one of south-east Melbourne’s most recognisable industrial properties is set to change hands for the first time in 45 years.

Known for its prominent street frontage, 111 Keys Road provides a unique chance for owner-occupiers, investors, and developers to secure a prime asset in one of Melbourne’s most undersupplied markets.

CBRE’s David Aiello, Sasan Misaghian, Patrick Noone, and Andrew Bell are leading the Expressions of Interest campaign for the sale.

Mr Misaghian said with industrial land supply tightly held and vacancy rates at record lows in Melbourne’s south-east, it is expected this property would attract significant interest.

“The sale of this site represents a once-in-a-generation opportunity,” said Mr Misaghian. “Rarely do sites of this scale and significance come to market in Moorabbin. It offers flexibility for owner occupiers and immense potential for diverse development outcomes, whether it be a strata industrial estate, large format retail, or self-storage facilities, subject to council approval.

“The area’s strong demographic profile, combined with forecast growth in immigration and e-commerce, underpin a robust outlook for continued rental growth and high demand for industrial space.”

The property features a 9,940 sqm corporate facility on 16,187 sqm of Industrial 1 Zoned land and is strategically located 17 km south-east of Melbourne CBD close to local amenities including the Morris Moor Commercial Precinct, Westfield Southland Shopping Centre and the Warrigal Road retail precincts. Suitable for a variety of industrial and commercial uses, the site is close to major arterial roads including the Nepean Highway and Princes Highway with excellent logistics and last-mile delivery capabilities.

Interested parties are encouraged to act swiftly to secure this premium asset. The Expressions of Interest close on Wednesday, 25th September 2024 at 3 pm (AEST).