Bruno Grollo lists Preston property dubbed ‘the only game in town’
Melbourne’s wealthy Grollo family are selling an about $14m derelict industrial site in Preston.
The 10-18 Chifley Drive property has been owned by Bruno Grollo for decades, but has been listed for sale after he decided not to develop it.
Killen Thomas’ John Camilleri said a tenant had been sought to take up the 19,100sq m space the vendor would have developed for them, but they had now decided to sell instead.
“This is the first time they have offered this site for sale,” Mr Camilleri said.
“To buy five acres (2ha) about 8km from the CBD, I reckon it’s the last one of this magnitude.
“It’s literally the only game in town.”
A chunk of what had been part of the site was leased and improved for a French ATM manufacturer a number of years ago.
Mr Camilleri said they had already spoken with prospective purchasers looking to set up shop at the site, and a handful of local high-net worth families considering developing it — but he noted this could cost up to $50m on top of the purchase price.
CBRE’s Joe Brzezek said the property was being listed after 50 years and was effectively an empty site that had in the past supported the vendor’s construction business — though had not been used for this in some years.
He noted most sites in the area were far smaller, at around 1000-5000sq m in size.
Aerial imagery of the property shows debris on site and there is a canopy erected on four large poles near the middle of the property – but it is being sold for land value with vacant possession.
It is a short distance from Northland Shopping Centre and additional retail precincts along Bell St, with the Merri Creek a short distance from the rear of the property.
Expressions of interest are due by 3pm November 25.
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