LEIGHTON Properties and The Bayport Group have jointly purchased a sizeable land in Melbourne's south eastern suburb of Hallam for $15 million from Brickworks.
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The site was originally considered to be developed and held by the Brickworks property trust.
Managing director Lindsay Partridge said due to the demand in the area for mainly small buildings and owner occupiers, the decision was made to sell the site in order to seek its true market value allowing the highest and best use for the site.
“The Hallam property has been used by us to supply clay and sand material to our brickmaking factory in Scoresby, and with the closure of the Scoresby plant on 27 July, Hallam became available for sale or re-development.
“The option of developing the property ourselves or within the JV Brickworks/Goodman trust was seriously explored however we soon realised there was a far greater return for the business with an outright sale. Traditionally Hallam is more of a localised market attracting mainly owner occupiers and users in the 500 sqm – 3,000 sqm range,” he concluded.
Australian Property Journal