Cadence Makes Second Major Altona Purchase

Cadence Property Group has given Altona, in Melbourne’s west, a resounding vote of confidence with its second major transaction in less than a year. Cadence purchased the circa 6ha site and has since master planned the site under the banner of Maid Stone Business Park.

Marketing agents CBRE and JLL have been appointed to offer the industrial land for pre-leases, land and building packages and land sales.

Cadence Property Group director Charlie Buxton said the tightly held land, nestled between established residential and commercial areas, would be highly sought.

At just 12km from Melbourne’s CBD, Maid Stone Business Park is well serviced by freeways, railway stations, within close proximity to the Port of Melbourne and within walking distance to the Altona Township.

“We are very fond of Altona and Altona North as a commercial and industrial location and feel that the area offers occupants and investors a superior geographic location to that of the other active industrial estates in Melbourne’s west,” he said.

“Similarly, its proximity to the beaches, established housing stock and the Altona retail hub provides it with a greater level of overall amenity than that of many other nearby estates.”

30 per cent of stage 1 has been sold to local developers prior to going to market with an average selling price of $210/sqm.

Selling agent Tom Hayes of CBRE said: “Maid Stone Business Park is a very unique opportunity offering readily developable sites in a highly established area.”

He said with nearly 10,000 people living in the suburb there was both a ready workforce and an established customer base for occupants of Maid Stone Business Park.

JLL Director of Industrial Cameron Hunter said with little land left, Altona prices were benefitting from a ripple effect that had seen prices spiral in Spotswood and Williamstown. “Altona and Altona North are the next suburbs to take off. I have no doubt about it,” he said.