Places Victoria's Dandenong business park Logis a sell-out
All 19 lots released in Places Victoria’s eco-industrial business park Logis in Dandenong were snapped up within a week of going to market, totaling $19.5 million.
The 154-hectare former Dandenong treatment plant site will become an industrial estate, generating around 5,000 jobs.
Places Victoria acting chief executive officer Peter Armstrong says 25 companies from Australia and overseas had competed for the land, including some who were vying for multiple lots.
Successful bidders included Australia’s largest tool distributor, Hobson Engineering.
Places Victoria’s residential estates in Epping and Officer also recorded strong growth, with sales in the final quarter up 100% on the previous year.
“We had to swallow a bitter pill last year, but the decisions made in early 2013 have resulted in a more focused and streamlined organisation that is demonstrating it can be a sustainable business entity,” says places Victoria acting chief executive peter Armstrong.
“Places Victoria’s mandate is to deliver urban renewal projects on behalf of the government and when possible to create opportunities for the private sector.
“Logis is a perfect example of this – it’s expected to attract more than $480 million in private sector investment by the time it’s finished from a public investment of less than half that,” says Armstrong.
Additional lots in stages six and seven will be released to the market early this year.