Colliers brings to market a low-coverage industrial site with redevelopment potential, positioned in one of Victoria’s most sought-after industrial corridors.
A rare industrial asset in one of Victoria’s most tightly held precincts has been brought to market by Colliers, presenting a unique opportunity for owner-occupiers, developers, and investors.
Located at 5 Bastow Place, Mulgrave, the property spans a substantial 12,670 sqm site with a low site coverage of just 33.8 per cent, making it the only available building for sale in the Monash precinct within the 3,000–5,000 sqm range.
The site features a 4,284 sqm building area, including a single-level brick and metal deck structure currently configured with 21 partitioned offices, open-plan workspaces, kitchen and breakout areas, and basic amenities. A standalone warehouse to the rear, built circa 1980s, includes a functional office, lunch area, and amenities, with internal structural columns allowing for flexible production or racking configurations.
Jonathan Mercuri, Colliers Director | Industrial & Logistics, said, “This offering is a rare find in a market where industrial opportunities of this scale and flexibility are seldom available. The property provides potential buyers with ultimate flexibility—either occupy the functional improvements, extend the existing improvements, or redevelop to suit your needs (STCA).”
“A prime owner-occupier opportunity with only 33.8 per cent site coverage is rarely offered in locations with such high underlying land values. The site also suits a variety of new development opportunities, such as a strata industrial business park or estate (STCA).”
Richard Wilkinson, Colliers Director | Industrial & Logistics, said, “The asset is strategically located in the heart of the Monash precinct, between Dandenong, Springvale and Wellington Roads, and just 26 km south-east of the Melbourne CBD. This site is moments from the M1 and surrounded by major infrastructure investment.”
“The low site coverage and surplus yard/hardstand areas provide a compelling opportunity for repositioning or expansion. With the $34.5 billion Suburban Rail Loop East project underway, including the new Monash Station, the area is set to become even more connected and accessible,” added Mr Wilkinson.
Mulgrave continues to attract strong interest due to its affluent residential population, proximity to leading educational institutions such as Monash University and Wesley College, and access to lifestyle amenities including Waverley Gardens and The Glen. The suburb’s median house price currently sits at $1,079,250 (source: REIV), reflecting its enduring appeal.
5 Bastow Place, Mulgrave is being offered for sale via an Expressions of Interest campaign, closing at 3:00 pm (AEST) on Wednesday, 18 June 2025. Price expectations are in the mid to high $15 million range.
Charter Keck Cramer’s Steve Kingston and Lachie Devine have been appointed as the transaction managers for the sale.
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