By Corey Everitt
The Victorian Livestock Exchange (VLE) has sold the Pakenham saleyards for $25 million after a reportedly ‘competitive’ battle between buyers to secure the prime land.
Real Estate Agencies Colliers and Facey Owners Corp took the saleyards to market earlier this year.
Colliers told the Gazette the property sold for ‘about $20 million more’ than what the VLE bought it for about three decades ago.
Colliers said it was a really ‘competitive’ sale with many would-be buyers interested in developing the property that ultimately ended quickly, with a ‘short settlement’ of approximately $25 million.
The property sold to Jonathan Hardwick, director of HFH Auto Group which owns a number of car dealerships throughout the South East.
Construction on the property won’t begin immediately with VLE’s departure, but it was confirmed plans for the land will follow an industrial development.
The total land is just under 6 hectares, it sits on prime industrial zoning within the State Government-stamped ‘Officer-Pakenham State Significant Industrial Precinct’.
Reported by real estate publication The Industrialist, estimates between Colliers, Facey and architecture firm Watson & Young said an industrial development of ‘significant scale’ on the site could have a ‘value of over $100 million’.
