By Cameron Weston
ONE of the last large tracts of industrial land in Hobsons Bay was last week sold for $25.5 million, further evidence of the continuing industrial land boom in Melbourne’s west.
The 52-hectare block is opposite Dow Chemical’s Altona plant on Kororoit Creek Road, near the intersection with Maidstone Road.
Folkestone-AMP Capital Investors bought the land from Dow Chemical, which has substantial landholdings in the area.
The land’s proximity to the West Gate Freeway makes it prime industrial real estate in the western suburbs, an area of Melbourne that has seen booming land prices as large blocks become scarce and road infrastructure is improved.
The State Government-imposed industrial boundary, which aims to limit industrial expansion to a proscribed area that is rapidly filling up, has also been blamed for skyrocketing industrial land prices.
The Folkestone-AMP joint venture said in a statement that it intended to subdivide the land into a variety of smaller blocks of varying sizes.
Blocks will be available for sale next year, and land and building packages will be offered through a Folkestone subsidiary.
Folkestone managing director Oscar Guglielmi said the purchase would allow the company to take advantage of the high demand for well-located industrial land in the West, which he said would continue for some time.
He said the location of the land gave it excellent potential for development.
Other recent major land deals in the area include 95.5 hectares on Dohertys Road in Laverton North, which sold for $40 million, and the $65 million paid for 65 hectares of Laverton farmland, according to media reports.
