Brothers Andrew and Michael Buxton have spent almost $150m buying adjoining sites in south-east Melbourne where they are planning an $800m logistics estate.
Already a subscriber?Rich Listers Andrew and Michael Buxton have doubled down on their conviction about the longevity of the industrial property boom after accumulating a 77ha landholding in Melbourne’s south-east with plans for an $800 million logistics estate.acquired the final 32.5ha portion of the amalgamated site at 1520 Thompson Road in Cranbourne East this week, after agreeing to pay syndicator Fawkner Property more than $50 million for a former Nubrik quarry.
Mr Hall said MAB was not reweighting its portfolio away from residential with plans under way for a major housing estate in Devon Meadows, a 32ha farming site in the south-east it. Housing is also a big component of its giant Merrifield mixed-use estate in the city’s north. Croskell is surrounded by established residential suburbs that are expected to drive demand for last mile logistics facilities and smaller warehouses and offices that MAB hopes to develop within its Cranbourne holding.Jamie Buxton, MAB’s general manager of commercial and industrial, said the future Cranbourne estate would ultimately comprise over 250,000 square metres of industrial and logistics space with an end value exceeding $800 million.
Driving these sales, Mr Sagar said, was a rise in online shopping, which has increased the need for logistics and supply chain businesses.
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