A FAMILY has tipped 148.5 hectares of farmland earmarked for commercial and industrial use near Avalon Airport to the market with expectations of more than $100 million.
The land, located at 1860 Princes Freeway in Point Wilson, is within the Greater Avalon Employment Precinct and has been put up for sale following the $93 million sale of the 141-hectare 15 Avalon Road in Avalon last year to Livv Developments and Payton Capital, where a $1 billion commercial, logistics and employment precinct is planned.
Meanwhile, MAB is also plotting a $3.3 billion business park across 780 hectares adjacent to Avalon Airport.
James Thorpe, Stephen Kelly, Andrew Gallucci and Michael Satterley of Knight Frank are handling the expressions of interest campaign for 1860 Princes Freeway on behalf of a family that has owned the land for 50 years.
The site has 2.15 kilometres of direct Princess Freeway frontage.
Thorpe said landholdings in Greater Avalon Employment Precinct were extremely tightly held by a number of prominent developers, so an opportunity to secure a property ripe for development was expected to be highly sought after.
“Opportunities to acquire land in this area are very hard to come by,” he said.
“This is the first time in half a century that this land has come to the market, and in total there are only around 10 owners in the entire Precinct Structure Plan.”
“The potential is huge, given the major plans for the area, and we are expecting interest from a range of buyers, including institutional groups and large private developers.”
The precinct is located about 20 kilometres north east from Geelong and 55 kilometres south west of Melbourne’s CBD. It is identified within the Avalon Corridor Strategy and is also home to Avalon Airport as a key land use, with plans to establish an aerotropolis featuring significant industrial and commercial developments.
Kelly said 1860 Avalon Road was located at the entry point to the Greater Avalon Employment PSP when travelling from Melbourne.
“Benefitting from being situated on the most eastern site within the Greater Avalon Employment PSP, the property will likely provide the gateway to this state-significant precinct, for all traffic heading between Melbourne and Geelong,” he said.
He noted the linkages to major and proposed strategic transport hubs including road via the Princes Freeway, air via the Avalon Airport, rail via the Western Interstate Freight Terminal and sea via the future Port of Melbourne at Avalon.
The site is also near the Northern Geelong Growth Area, part of the largest urban growth project in regional Victoria, which has the potential to welcome more than 47,800 new residents.”
Expressions of interest closes Thursday, 15th June.
