Former IVECO manufacturing site sells for $95m

IVECO’s long-time Australian location in Dandenong South has been reportedly sold for over $95 million.

The 12.21ha industrial site, which was originally home to International Harvester before IVECO acquired it in 1992, was sold via broker Colliers to property development, investment and funds management firm Aliro Group and ISPT.

Plans are reportedly in place for a large scale infill redevelopment of the site into a premium logistics estate.

The site was originally home to International Harvester.

IVECO will retain a 1.7ha part of the initial offering for its new innovation centre which the Victorian Government had awarded $500,000 in late October of last year.

It’s understood the grant will go to site preparation of IVECO’s Customisation and Innovation Centre (CIC) that will involve the upskilling of relevant employees to properly facilitate the product roll-out and subsequent support of future local zero emission vehicles to be launched at a later date.

“This transformational result will see IVECO embedded to the precinct for the foreseeable future within their transformation hub that will be delivered in partnership with the purchaser,” said Daniel Telling, Colliers Industrial Capital Markets manager.

“The asset is one of the largest and most well-known sites of scale within the premier South-East industrial and logistics market,” he said.

Ahead of building a new head office and validation facility at the Dandenong site, IVECO has temporarily relocated.

Now considered one of the most active industrial markets for leasing activity over the past three years, Melbourne’s South-East corridor has seen record levels of demand, which have driven vacancy rates to a low 0.2 per cent for stock above 5000sqm.

Freight operators Mainfreight, WridgWays, Gold Tiger and more recently Kings Transport, among others, have invested in Dandenong South where an ALDI distribution centre and Amazon fulfilment site are also located.

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