Fairfax Media Limited has announced the sale of its Tullamarine print site for $16 million to Bobby Zagame, Managing Director of The Zagame Group.
The much-anticipated sale of one of Victoria’s most iconic and recognisable commercial properties was facilitated by Colliers International’s Tony Iuliano, Marco Sandrin and Brent Glassford in conjunction with CBRE.
Contracts have been exchanged and settlement is expected to occur on September 21, 2015.
The property, at 31-69 Western Avenue in the Westmeadows precinct of Tullamarine, is a 59,750sqm parcel of land home to 24,091sqm of improved facility of the highest quality, featuring significant infrastructure for manufacturing processes and data management.
“This property is a Melbourne icon, characterised by the award-winning glass sculpture bearing The Age logo which is prominently visible from the Tullamarine Freeway,” Mr Iuliano said.
“An owner-occupier opportunity of this calibre is extremely rare in the Melbourne industrial market, particularly given its location in such a tightly held precinct with limited land supply.
“The sale brought an array of interested parties out of the woodwork, from developers, automotive groups and freight forwarding and logistics companies to investors, large format retailers and data management companies.
“Property this close to the airport, and with such great exposure to the Tullamarine Freeway (252m), is extremely hard to come by."
The site is only 3km from Melbourne Airport and the Airport Freight Terminal, with significant exposure fronting the Tullamarine Freeway.
The facility itself – with quality, modern improvements and significant power supply – covered only 40% of the site, leaving plenty of land for further development (STCA).
“The property includes 125 car parks and has a Business 3/Commercial 2 zoning, which allows for a potential re-fit or repositioning to higher or better use – for example, it could be transformed into a showroom,” Mr Iuliano said.