The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailTed TabetFri 28 Sep 18

Developer Pays Double for Melbourne Industrial Site

5805cfaf-12e3-45a6-8820-cd28e29a80a8

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.

IndustrialAustraliaMelbourneReal EstateDeal
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
Old Canberra Brickworks Yarralumla
Development

Doma Ready to Begin 380-Home ACT Brickworks Scheme

Leon Della Bosca
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
Pishoy Gobran probably didn’t set out to add ‘disruptor’ to his CV, but he’s created a niche in a crowded Sydney propert…
LATEST
Old Canberra Brickworks Yarralumla
Development

Doma Ready to Begin 380-Home ACT Brickworks Scheme

Leon Della Bosca
4 Min
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/pomeroy-pacific-expands-its-1bn-project-pipeline-with-strategic-mulgrave-acquisition-