Developer Pays Double for Melbourne Industrial Site

Melbourne-based property manager Pomeroy Pacific has added to its pipeline with a $30.5 million acquisition of an industrial site in Mulgrave.

The 4.1-hectare property boarders Woolworths Victorian head office and distribution facility, which was purchased late last year by property magnate Harry Stamoulis for $91 million.

Pomeroy’s newly acquired Mulgrave site was last traded early last year for $15.5m nearly doubling in value in 18 months.

CBRE’s Sasan Misaghian, David Aiello and Ben Hegerty negotiated the sale of the 508-520 Wellington Road property.

“The sale presented a unique opportunity to acquire a rare infill site in Melbourne’s tightly held and densely populated suburb of Mulgrave,” CBRE’s David Aiello said.

The Mulgrave acquisition follows the group's joint venture purchase with Paul Little’s Little Projects earlier this year of a 28-hectare industrial site in Cranbourne West.

“Our experience in industrial development spans almost 50 years and includes hundreds of buildings,” Pomeroy’s Chief Operating Office Talis Sterns said;

“This recent acquisition is timely and well-conceived to meet industrial demand.”

Pomeroy is also undertaking a joint venture with Nigel Hunt’s McLaren Group in developing an industrial property directly adjacent to the on/off ramp of Eastlink on the corner of Greens Road and Logis Boulevard in Melbourne’s south-east.

The development is made up of 18 warehouses, a service station, showrooms, supermarket, retail and over 2,500sq m of offices as well as undercover carparking.

Pomeroy currently manages a $1 billion project pipeline, comprised of more than 40 developments.