WHERE INDUSTRIAL WILL MEET RESIDENTIAL

The home of one of Australia's leading family owned operations, in industrial Port Melbourne - an area earmarked for a new suburb - has hit the market. Owned and occupied by Frank Walker of National Tiles, 541 Graham Street is for sale with either vacant possession or leaseback by Jones Lang LaSalle in conjunction with Vinci Carbone. The expression of interest campaign closes at 4pm on Thursday October 11. In a premier industrial/high tech precinct, the 1.4 hectare capital city zone 1 development site comprises a 7,500 sqm warehouse and provides direct access to the West Gate Freeway with links to the Tullamarine Freeway via CityLink and the Monash Freeway. It is in the 240 hectare Fisherman’s Bend precinct - industrial land in South Melbourne and Port Melbourne south of Lorimer Street and the West Gate Freeway to Williamstown Road and Todd Road - that the state government plans to turn into a high density, mixed use suburb. Developer Harry Stamoulis has already paid $25 million for Symex's 4 hectare site at 14 Woodruff Street - the first deal since the precinct was rezoned. SJB planning associate Kellie Burns said the property was in an area that would in time become a CBD - scale suburb. 'We can expect the encouragement of mixed use towers which will provide significant inner - city employment and housing opportunities and will create vibrant vertical neighbourhoods' she said. The site is expected to fetch more than $16 million, having recently sold in the area for more than $1150 a square metre.