- 6 Smith Street Fitzroy, leased as health facility, sold for $1.935 million.
- $11 million roasting plant in Truganina ready to open its doors.
- An Epping business park development is expected to fetch over $11M.
Commercial development deals are heating up in Melbourne in 2023, as investors stake their claim in Australia’s most thriving metropolis.
$2M sale on Melbourne’s coolest street
Fitzroys’ Lewis Waddell and Ervin Niyaz have sold number 6 Smith Street on behalf of a local investor for $1.935 million.
The property is located on the coolest street in the world, as ranked by TimeOut in 2021. Smith Street beat dozens of other streets around the world, with the only other Australian contender that year being King Street in Sydney.
Comprising a double-storey, 215-square-metre building, the property is currently leased to medical operator Fertile Ground Health Group. It is within an established hospital and medical precinct close to the Epworth Hospital, St Vincent’s Hospitals, the Royal Victorian Eye and Ear Hospital, and several specialists and surgeries.
Waddell said a private local self-managed super fund investor was the buyer, planning to use the property as a long-term hold with passive income.
“There’s a huge opportunity for growth in this section of Smith Street with all the
development happening,” Waddell said.
“Local and overseas investors, as well as surrounding owners all made enquiries, looking to take advantage of the growth prospects.”
Melbourne roaster gets first crack on new $11M Truganina facility
First crack: A coffee roasting term referring to the cracking noise coffee makes during roasting. A light to medium roast is typically achieved between the first and second cracks, with occasional humorous references to a third crack, meaning burnt coffee.
Black Bag Roasters, a subsidiary of Nomad Coffee Group, is almost ready to open the doors of its new $11 million roasting plant in Truganina, just 22 kilometres west of Melbourne’s CBD.
Designed to be the most efficient and sustainable plant, the facility can process up to 300 tonnes of coffee each week from its state-of-the-art 600-kilogram Italian made and designed Brambati roaster, which is fitted with a catalytic converter that significantly reduces gases generated during the roasting process.
It is believed to be the largest investment in Australian coffee roasting in the past two decades.
The move will also see improvements to how coffee is moved around Melbourne, said Nomad Coffee Group CEO Craig Dickson:
“In Richmond, we were always trying to get trucks up and down small streets. Here we can load shipping containers of beans directly into the factory and we have multiple access points.”
Alliance Business Park allotment sold for $11M
A local industrial developer has picked up the last remaining allotment in MAB Corporation’s Alliance Business Park development in Epping, Victoria. The 11,950 square metre Comprehensive Development Zone land offers three street frontages to Edgars Road, O’Herns Road and Trafalgar Road.
Alliance Business Park is a 96-hectare, $144 million industrial and commercial hub and is occupied by national businesses Mainfreight and Gallagher. Smith Street Fitzroy practice sold for $1.935M, $11M roasting plant in Truganina, ready to open, last $11M allotment in Epping nabbed as market heats up.The estate features a 3.6- hectare basin including a 700 metre walking track with cyclist and pedestrian access to the Craigieburn Bypass Trail.
CBRE’s Daniel Eramo, Joe Brzezek, Jake George and Corey LeFavi brokered the sale in an off-market deal.
“Although the buyer depth for land decreased throughout the last quarter of 2022, there is still a flight to quality for qualified and experienced groups seeking versatile sites within core areas, who are prepared to continue to pay strong rates,” Mr Eramo said.
MAB General Manager Commercial and Industrial, Michael Martin added, “The sale of the last lot signifies a strong result and marks the successful completion of the sales campaign,”
“The sale demonstrates there is still solid underlying demand for well-located industrial land in Melbourne’s North, with good exposure and access to transport infrastructure.