Time & Place this week joined its commercial progression portfolio, which ensures a historical Ford in Campbellfield in Melbourne for a planned progression of $ 250 million.
The developer in Melbourne bought the Ford Motor Company of the 15. 9 ha Middle distribution in Australia in 1777-1787 Sydney Road, Campbellfield, 17 km north of the Melbourne CBD.
Assets house 3 stores built between 1962 and 1999, with existing buildings of 56,819 m² or 36% of the site.
The sale negotiated through Andrew Bell and Chris O’Brien de Cbre after Ford has moved its portions of distribution and garage of portions in a new Mickleham installation.
The director of Time & Place, Chris O’Kefe, said that “the acquisition is aligned with our commitment to high quality commercial assets in key expansion corridors. “
The site redevelopment will be directed to the commercial and logistics tenants to capitalize the established shipping connections.
“We have enjoyed the challenge of taking a place with a rich history and remodeling it in anything new and exciting,” O’Kefe said.
“These types of projects are those that motivate us as a team and press us to create something special. Our vision is to breathe a new life for this site, supporting the long execution of the local network and economy. »
Assets have an old value, according to Time & Place, “having been a central location for Ford’s Australian operations for decades. “
“Supporting the logistics desires of an old car production center, played a role in Melbourne’s commercial growth, leaving a lasting imprint in the economic and cultural fabric of the city. “
“We are creating a balance between honoring the history of the site and adapting it to new commercial needs,” O’Keefe said.
Time & Place said that this quarter would register for manufacturing plans, with the final touch of the expected constituency until 2028.
Ford would be a presence on the site, proceeding to its service engineering operations in one of the buildings as a component of a multipurpose rental agreement.
It is said that more main points on rental opportunities and plans are announced in the coming months, said the developer.
The acquisition follows the sale through Ford in 2019 of a 60 ha component of its old production plant for $ 82. 1 million in danger, which, in qualitas components, plans to expand a 600,000 -feet business park called an assembly.
According to O’Kefe, the company’s advertisement portfolio remains a key strategic engine of our company, “according to O’Keefe, Time & Place continues its broader progression strategy in the residential, advertising and advertising sectors.
The developer recently runs in the re -urbanization of the Lindrum hotel in the Melbourne CBD with Kapitol and acquired the construction of the Marlborough space in Sydney, the WARESPACE David Jones original, with investments through James Packer.
The urban developer understands that a pet asset has recently treated progression at this time and place, but the concessionaire was sold for $ 33 million.
Trent Gallagher de Collales, who has negotiated the agreement, said that 4047 ms m in 253 Coward Street, “aroused a significant interest of a giant developer cup” interested in the “number of possible long -term uses given the location Pet dynamics “.
The site, in the past occupied through Hino Truck Corporate and more recently through the Ice Sydney Zoo, had won the approval of an 11 -year construction in the workplace with a floor sales trade, for a total of 16,287 square meters.