Pictured above: 508-520 Wellington Road and 522-550 Wellington Road, Mulgrave
Dawkins Occhiuto has been appointed to exclusively sell a once-in-a-generation opportunity: the amalgamated site of 508-520 Wellington Road and 522-550 Wellington Road, Mulgrave. These two properties are being marketed for sale in one line providing an extraordinary chance to acquire a rare and enormous 23.23-hectare infill site within one of Melbourne's most sought-after locations.
The landmark property is the epitome of strategic investment, boasting both stabilised income and development potential, presenting the incoming owner with a remarkable array of opportunities to maximise returns over time. The property benefits significantly from over 350 metres of frontage to Wellington Road and over 560 metres to the Monash Freeway. Positioned close to the heart of Melbourne's demographic centre, its unrivalled location fundamentals and impeccable last-mile credentials add an unbeatable allure to this prestigious offering.
Woolworths and renowned manufacturing company Renold Australia have occupied the site since the 1970s, showcasing the site’s proven logistics and last-mile location. The property’s current improvements are offered at below replacement cost and have significant future reversionary potential, in addition to over 5 hectares of surplus land which provides ample space for current and future occupants to thrive. The passing income stream of $6.15 million per annum provides a robust holding income while the exploration of development options for the enormous 23.23-hectare site, located directly next to Mirvac’s successful Waverley Park development, takes place.
"We are thrilled to bring this significant offering to the market. Very rarely does an opportunity present, that offers such a wide scope of alternatives, ranging from significant future redevelopment, repositioning existing improvements and capturing rental reversion, or value adding given the extremely low overall site coverage,” said Walter Occhiuto, Director of Dawkins Occhiuto. "This is the standout infill opportunity of 2023. Given the scarcity of large-scale infill sites in Melbourne's tightly held industrial property market, particularly in the inner southeastern corridor. Accordingly, we anticipate very strong interest from the market looking to capitalise on the immense opportunities this property holds”.
The site's strategic location has made it a preferred destination for distribution centres and last-mile logistics, as evidenced by the long-term occupation by both Woolworths and Renold Australia. Immediate access to both the Monash Freeway and Eastlink ensures a seamless movement of goods, further enhancing its attractiveness to potential future tenants. A site of this magnitude has not been offered to the market in quite some time and it is anticipated to generate unprecedented interest.
The property is offered for sale via International Expressions of Interest (EOI), with the closing date set for Thursday, 24th August 2023, at 3:00 PM AEST. Interested parties and investors are encouraged to seize this unparalleled opportunity to acquire this standout infill site.
