Colliers says it has negotiated a deal for timber and building supplier Bowens to buy the 27-39 Abey Road industrial site in the City of Melton’s Cobblebank.
The management investment firm notes there is an increased demand for properties in Melbourne’s northwest following Bowens’ purchase of the approximately 5ha land.
Colliers’ Hugh Gilbert, Charlie Woodley and Nick Saunders helped the timber and building supplier secure the deal for the south of Melton property.
“As a market leader in the building supplies industry, Bowens is committed to supplying the best quality products and advice to builders and trades alike, especially in areas where it is most needed, which is why we’ve invested in Melbourne’s northwest,” Andy Bowen, Director and Chief Investment Officer of Bowens, says.
Andy adds there is a need to support growing communities and local trades in the area.
The site is 48,767 sqm and is situated on the western side of Ferris Road.
It has street frontage of 144m, which Colliers says allows Bowens to purpose-build a new facility to accommodate its growing business and presence in Victoria’s northwest.
“Before now, we had seen very little demand from major occupiers and developers looking for the Cobblebank/Melton precinct,” Hugh says.
“Throughout the expressions of interest process, we had six qualified bidders and a very tight contest.”
He says the transaction highlights how Melbourne’s west industrial market has become low on land vacancies.
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