“The acquisition of the Cranbourne East sites expands our industrial pipeline to over 1066 hectares.”
While pricing remains confidential, it is understood the larger of the two sites – a 32.6ha farm at 1580 Thompsons Road owned by the Cuteri family – was taken to market with price expectations of between $50 million and $55 million.
Selling agents Peter Sagar and Paul Callanan from real estate firm LAWD brokered the deal.
“With assets of this nature in tight supply, we received strong interest from the market, including six registered offers, which enabled us to achieve an outstanding result for the vendor,” Mr Sagar said.
A smaller 12.2ha adjoining site at 1550 Thompsons Road that includes a Boral quarry was acquired for about $20 million. Records show it was owned by a company associated with Myer Family Investments, the private investment arm of the Myer family, founders of the eponymous department store chain.
Both Cranbourne East sites lie within the proposed Croskell Precinct Structure Plan, a 305ha rural landholding 45 kilometres south-east from the Melbourne’s CBD that is expected to be rezoned for commercial, industrial and residential use by around 2025.
The land parcel – one of the last significant holdings in the Croskell Precinct – is close to a number of industrial developments along the Western Port Highway as well as being surrounded by major housing estates.
Industrial developers active nearby include Logos, Goodman Group and ESR Australia.
In November, Salta Properties, owned by Rich Listers the Tarascio family, acquired a 124ha site at 690 Western Port Highway in Cranbourne West for about $170 million with plans for a $1.2 billion business park.
Also gaining a foothold in Melbourne’s south-east is Sydney developer and builder Bathla Group, which paid almost $68 million for the 26.2ha Clyde town centre development site in December.