Crabtrees Real Estate are excited to o er this prime showroom/warehouse investment located at Unit 2/450-466 Princes Highway, Noble Park for sale via Expressions of Interest closing Wednesday 12th March at 4pm.
This highway investment is securely leased to Brotherhood of St Laurence, which operates Nationally and has been a driving force in social justice in the community. The subject property is one of 23 Victorian Shops which is a highly successful part of the organization’s network.
EXCLUSIVE MARKETING AGENTS
GRANT TISHLER Partner 0417 552 919 grant@crabtrees.com.au
JOE MONEA Director 0448 486 665 jmonea@crabtrees.com.au
Executive Summary
PROPERTY ADDRESS Unit 2/450-466 Princes Highway, Noble Park VIC 3174
METHOD OF SALE
PROPERTY OVERVIEW
BUILDING AREA
LAND & TITLE PARTICULARS
ZONING
TENANT
TERMS OF SALE
*Rent as at 16th July 2025.
Expressions of Interest
Quality showroom/warehouse investment with 25 car spaces, leased to Brotherhood of St Laurence returning $207,659 per annum plus Outgoings.*
1,186m2*
The site plan is included in Appendix 1
The land is zoned Commercial 2 under the City of Greater Dandenong Planning Scheme allowing for a broad range of potential uses.
Brotherhood of St Laurence
10% deposit payable with full settlement being 60 or 90 days from date of sale.
Property Overview
PRIME HIGHWAY INVESTMENT
This prime highway property is leased to the highly regarded national tenant, Brotherhood of St Laurence (BSL). BSL was established in 1929 and has its headquarters in Melbourne, with an annual turn over of $232 million.
The subject property is a key strategic location for BSL, being a successful retail outlet, and distribution centre for their network of 23 Victorian retail outlets.
The showroom warehouse has a quality air conditioned showroom with suspended ceiling and high clearance warehouse ideally suited to the tenant’s requirements.
Modern main road showroom / warehouse located on Princes Highway, with excellent exposure to passing traffic.
Key Property Features:
+ Highly exposed showroom/warehouse building of 1,186 sqm
+ Quality facility with up to 9 metre clearance
+ Abundant car parking for 25 cars
Located within the tightly held Noble Park commercial/industrial precinct, access all areas of greater Melbourne via multiple major arterials via:
• 1.5 km* to EastLink
• 2.9 km* to M1 on ramp
• 3.3 km* to Springvale Road
• 5.6 km* from Dandenong CBD
• 30 km* from Melbourne CBD
and amounts
Lease Summary
The subject property is leased on the following basis:
Tenant
Annual Rent
Lease Start Date
Brotherhood of St Laurence
$207,659 per annum plus GST & Outgoings*
16th July 2023
Term Five (5) Years
Rental Reviews
Annual fixed reviews of 3%
Security Bank Guarantee of $61,918.93 being equal to the aggregate of the Landlords estimate of 3 months rent and outgoings plus GST as at year 5 of the lease term.
*Rent as at 16th July 2025
About Tenant
Brotherhood of St Laurance (BSL) is a not for profit, social justice organisation working along side people experiencing disadvantage to address the fundamental causes of poverty in Australia.
BSL has its headquarters in Melbourne but provides services and programs across Australia with a turnover of $232 million. It undertakes research, delivers services and advocates for anyone who faces, or is at risk of, disadanvtage and poverty.
The subject property is located in Noble Park one of South Eastern Metropolitan Melbourne’s most recognisable commercial locations.
The property benefits from exceptional arterial road connectivity having direct access to the Princes Highway, adjoining the EastLink and Heatherton Road interchange just 1.2 kilometres from the property. These key road networks will play a vital role in facilitating e cient distribution and transportation of goods for a wide range of logistics occupiers.
This location is an established industrial hub with many large companies occupying neighbouring properties including E&S Trading, Nationwide Towing & Transport, United Petroleum, RACV and Harvey Norman.
The evolution of e-commerce and consumer expectations has amplified the importance of lastmile logistics. Properties strategically located near major arterials and population centres have become increasingly valuable in this landscape. With excellent access to the Monash Freeway and EastLink, and forming part of the first significant industrial hub south-east of the Melbourne CBD, this precinct o ers unparalleled advantages for businesses seeking to optimise their distribution networks and meet demanding delivery timeframes.
Waverley Gardens Shopping Centre is located nearby from the subject property with approximately 110 shops including ALDI, Australia Post, Big W, Commonwealth Bank and Telstra.
The Springvale Mega Centre is also located nearby the subject property, a contemporary mixed-used retail and commercial centre anchored by national brands ALDI, McDonalds, The Good Guys, Caltex, Crunch Fitness, Best Friends Pets and Bottle Mart.
KEY LOCATION DISTANCES:
• 1.5 km* to EastLink
• 2.9 km* to M1 on ramp
• 3.3 km* to Springvale Road• 5.6 km* from Dandenong CBD
• 30 km* from Melbourne CBD
* Approx.
Zoning
The subject property is zoned Commercial 2 under the City of Greater Dandenong Planning Scheme, according to the most recent Victorian zoning information available allowing for a broad range of uses.
Infrastructure Projects
Melbourne infrastructure Projects
With $38bn of infrastructure projects set to be developed across Melbourne in the coming years, connectivity across precincts and to distribution areas is expected to improve supply chain efficiencies for core markets.
The major infrastructure projects underway in Melbourne, will significantly benefit Noble Park. The three key infrastructure projects listed below will improve transport connectivity and reduce congestion, making it easier for industrial businesses to move goods and access key freight hubs.
These infrastructure initiatives will significantly benefit properties in the surrounding regions, further enhancing the strategic value and appeal of the offering.
Market Overview
Summary
Situated in a tightly held precinct where the availability of comparable properties are exceptionally rare. The prime location, just minutes from EastLink and the Monash Freeway, offers unparalleled connectivity to Melbourne's key logistics corridors. Surrounded by national brands and with proximity to major retail hubs like Waverley Gardens Shopping Centre and Springvale Mega Centre, the location is ideally positioned to serve a diverse range of businesses seeking a strategic foothold in this dynamic property landscape.
Vacancy
Vacancy rates remain tight, despite a slight uptick across the broader Melbourne market. Noble Park's limited availability of quality stock contributes to its low vacancy, with modern facilities particularly scarce. The submarket vacancy remains well below the equilibrium level, supporting landlord favourable conditions.
Occupier Demand
The south-east submarket has maintained steady occupier demand, buoyed by its diverse industrial base. Noble Park benefits from its position within this established precinct, attracting a mix of local and national tenants. While larger occupiers exhibit caution, small to mediumsized businesses continue to drive leasing activity.
Rental Growth
Rents in Noble Park and the broader surrounding precinct have shown resilience, supported by the area’s excellent location and diverse industrial base. While the rate of growth has tempered, rents remain on an upward trajectory. This rental growth has been driven by a lack of new industrial developments entering the market, as land availability remains limited. The south-east precinct has seen a strong and consistent increase in rental rates over the past two years, and this trend is expected to continue as the tight market conditions persist. It is anticipated that the south-east will outperform given the lower vacancy and minimal levels of supply, especially against the west which has a large pipeline of speculative stock to hit the market. Incentives have marginally increased, however, they remain below the market average.
Market
Overview
Investment Activity
The industrial investment landscape has shown remarkable resilience, with cumulative sales volumes up. This growth underscores robust investor confidence despite ongoing economic headwinds. Yield movements have been minimal in the last six months, with interest rates holding steady for two consecutive quarters. However, a widening spread between prime and secondary assets is emerging, as investors increasingly prioritise quality and defensive characteristics in their acquisitions.
Outlook
Looking ahead, the local industrial market is poised to demonstrate resilience in the face of broader economic challenges. The constrained supply pipeline, coupled with robust occupier and tenant demand, should maintain upward pressure on rents and keep vacancy rates low. This presents a compelling opportunity for buyers to secure assets in a precinct with proven staying power and future upside.
Comparable Sales Evidence
Below is a summary of comparable sales, demonstrating the market value and performance of simislar properties within the
Method of Sale Expressions of Interest
Unit 2/450-466 Princes Highway, Noble Park is being offered for sale via Expressions of Interest closing Wednesday 12th March at 4pm.
Terms of Sale
The property is offered for sale on the basis of:
DEPOSIT:
Offers should be submitted on the attached Expressions of Interest Form in Annexure 2.
10% of the agreed purchase price payable upon signing the Contracts of Sale.
SETTLEMENT:
10% deposit payable with full settlement being 60 or 90 days from date of sale.
GRANT TISHLER Partner 0417 552 919 grant@crabtrees.com.au
JOE MONEA Director 0448 486 665 jmonea@crabtrees.com.au
Annexure 1 - Site Plans
Unit 2
Unit 2
Annexure 2 Expressions of Interest Form
EXPRESSION OF INTEREST
Property: Unit 2/450-466 Princes Highway, Noble Park
Closing Date: Wednesday 12th March at 4.00pm
Parties interested in purchasing the Property are invited to complete this document and submit it to:
Crabtrees Real Estate
Grant Tishler
20-22 Atherton Road (PO Box 6) 0417 552 919
Oakleigh VIC 3166 grant@crabtrees.com.au
Ph: (03) 9567 8888
Fax: (03) 9563 1000
Joe Monea 0448 486 665 jmonea@crabtrees.com.au
Material in support or qualification of this submission should be annexed to this document.
Registrant’s Details:
Name of Individual: _______________________________________________
Name of Company: _______________________________________________
Street Address: _______________________________________________
1% of the purchase price to be accompanied with this EOI Form and a further 9% is required on exchange of contracts. (All deposit monies are refundable should your Expression of Interest be unsuccessful)
In submitting this Expression of Interest form, the Prospective Purchaser specifically acknowledges and agrees that:
1. They have received and reviewed the Contract of Sale.
2. The proposed purchase price set out in the Expression of Interest form is based on the acceptance of the Contract of Sale as submitted by the Vendor.
3. If there is any discrepancy between the Contract of Sale and any other documentation made available, the provisions of the Contract of Sale will prevail.
4. They are in a position to exchange Contracts within 48 hours of being notified that the proposed purchase price and Expression of Interest has been accepted.
In submitting this Expression of Interest, the Prospective Purchaser also acknowledges and agrees that the Vendor specifically reserves the following rights:
1. To accept or reject any Expression of Interest in its absolute discretion, including the highest Expression of Interest made and without having to attribute reasons therefore or to be accountable in any way.
2. To extend the closing date for submissions of Expressions of Interest.
3. To discuss any matter and to deal with any parties submitting an Expression of Interest at any time before or after the closing date.
4. Not to be contractually bound in any way by the submission of an Expression of Interest form signed by a Prospective Purchaser.
5. Not to sell the property.
6. Vary the sale process, and to modify or add any terms and conditions to any proposed Contract of Sale or Vendor’s Statement which may be made available to an interested party.
Signed for and on behalf of the Registrant: ______________________ Date: ____________
Name of Signatory (please print) _________________________________________________
