Melbourne investor pays A$47.75m to acquire near-entire street of industrial properties in Epping

HouGarden Australia, 8 October — The transaction, which settled in August this year, covers a 4.68-hectare site spanning Dream Haven Court and the adjoining Miller Street in Melbourne's Epping — a suburb in the city's northern fringe. The deal is a Melbourne commercial property transaction and has no connection to New Zealand.

The portfolio, marketed under the name Dream Haven Portfolio, was assembled by the previous owner over several decades. By the time the portfolio was listed for sale, that owner had brought every building on the block into their investment holdings except for two.

Melbourne commercial property agency Fitzroys handled the sale, with agents Marco Sandrin and Brent Glassford managing the campaign.

The portfolio's six tenants are predominantly engaged in manufacturing or industrial operations. Those existing leases generate more than A$2.89 million in annual rental income — a figure based on income already in place under current lease agreements, not a forecast.

More than 65 prospective buyers made enquiries, Sandrin said. They ranged from private investors and investment syndicates through to institutional buyers and land-banking investors. Interest also came from Asia-based offshore buyers, as well as buyers from other Australian states. The purchaser, however, was a Melbourne-based local investor.

Sandrin said the new owner is expected to carry out some improvements to the properties before holding the asset as a long-term investment.

He attributed the strong sales activity to three factors: the diversified income streams from separate tenancies, the underlying land value of the 4.68-hectare site, and the potential for future capital growth.

"We received five formal expressions of interest, which means approximately A$180 million in capital is still sitting on the sidelines actively seeking Melbourne commercial property opportunities," Sandrin said. That A$180 million figure refers to funds from the five other bidders that did not secure the asset — it is separate from and unrelated to the A$47.75 million sale price.

Sandrin added that buyer confidence is recovering. "We anticipate this trend will continue into the final quarter of 2026," he said.

Glassford pointed to a persistent shortage of industrial land in prime Melbourne locations as the reason the listing attracted such broad attention. "Obviously, you don't get the chance every day to buy almost an entire street in Melbourne," he said.

The Dream Haven Court and Miller Street site sits close to Pacific Epping shopping centre, the Melbourne Wholesale Fruit Vegetable and Flower Market, and a Costco warehouse.

For investors considering exposure to Australian commercial property, the transaction offers a reference point on pricing, yield and buyer competition levels in Melbourne's industrial market.