Melbourne, 03 September 2013-An automotive owner-occupier has acquired one of the last remaining mixed-use sites in Melbourne’s South Morang Activity Centre for more than $3 million.
The sale of the 5,167sqm mixed-use site, located at 2 Oleander Drive, Mill Park, was leveraged through an Expressions of Interest campaign. The property was sold with development schemes in place for a commercial and retail outcome.
CBRE’s Jamus Campbell and Scott Orchard, in conjunction with Gross Waddell’s Jonathon McCormack and Daniel Greenlees, sold the property for well over $3 million on behalf of Gibson Property Corporation (GPC) and Roche Property Group (RPG), who are developing the Mason Point precinct.
Mr Campbell said the property’s location within the prominent Mason Point development was a key factor behind the sale.
“Mason Point is one of the largest mixed-use developments to be undertaken in Melbourne’s north, with it set to become home to more than 800 residents and the workplace for around 1,000 employees,” Mr Campbell said.
The Mason Point precinct is anchored by major tenants including Westfield, Bunnings, Masters and Toyota. The site also offers ready access to east and west connections between Epping and Greensborough via McDonalds Road, and also north and south connections between Whittlesea and the CBD via Plenty Road.
The property also benefits from street frontage onto the busy McDonalds Road thoroughfare, which sees more than 20,000 vehicles per day.
For Australian/international news or global stories, follow us on Twitter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.