A 2.2 hectare industrial estate in the centre of Rochester hit the market last month. Credit: Colliers.
A former Saputo factory in the heart of Rochester has attracted at least half a dozen genuine inquiries within a month of hitting the market, according to the agent handling its sale.
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The 2.27 hectare Moore St property was bought from Saputo in a direct sale about two years ago and has sat unused since.
It was relisted for sale about a month ago through Colliers, with price expectations of $3.25 million.
The site was originally owned and operated by Murray Goulburn Dairy, but changed hands when Saputo bought out the smaller local processor in 2018, for $1.3 billion.
The landholding spans about 22,717 square metres and includes about 13,218 square metres of existing warehousing, spread across multiple titles.
Colliers is marketing the site for a range of uses subject to council approval, including industrial, warehousing, logistics, hardstand and multi-tenancy industrial estate outcomes.
Colliers managing director for Bendigo Travis Hurst said interest in the site had exceeded expectations.
“It’s been a real mix, including agricultural companies, dairy, freight and logistics,” Mr Hurst said.
He said prospective buyers were now working through due diligence on the site.
“They can be considering a range of things, from repurposing feasibility, access, costs, council approvals,” he said.
The site was formerly owned by major dairy processor Saputo. Credit: Colliers.
Mr Hurst said opportunities to acquire large industrial sites in regional Victoria don’t come up often.
“Sales like this are relatively rare. Big industrial properties don’t change hands very often,” he said.
He said the site’s appeal centred on the cost of repurposing an existing facility compared with building from scratch.
“It’s appealing because it has a strong base for repurposing. Repurposing a site costs far, far less than the cost of constructing a new one, particularly at the moment,” Mr Hurst said.
He said the property held significant value beyond its buildings.
The site is expected to fetch in the order of $3.25 million. Credit: Colliers.
“The site is so much more than four walls and a roof, with a tremendous amount of infrastructure that isn’t visible, such as electrical and substations,” he said.
Mr Hurst estimated building a comparable facility from scratch would cost in the order of $50 million.
“Instead, you can buy it for $3.25 million and repurpose it for $5 million,” he said.
Selling agent Travis Hurst said the property was well suited to being repurposed. Credit: Colliers.
