Maximise makes $44m move on Melton

Developer Maximise is planning a major retail and industrial development after snapping up a land parcel in Melton in Melbourne’s west.

Maximise Group has bought the 12ha landholding at 2231-2257 Melton Highway in Melton

Private developer Maximise is planning a major retail and industrial development after snapping up a land parcel in Melton in Melbourne’s west.

The company bought the 12ha landholding at 2231-2257 Melton Highway from interests associated with Chinese-backed developer 3L Alliance, showing its commitment to strategic investment in Melbourne’s high-growth corridors.

The site, which was purchased for $44m was billed as an opportunity to develop a major gateway industrial and retail precinct, capitalising on the region’s strong population growth and increasing commercial demand.

The transaction was brokered by Tim Spargo, director of Jones Real Estate. It last traded for $7.95m in 2017 - showing the dramatic jump in values in the growing suburb.

Maximise Group managing director Claudio Romano is bullish about the area’s prospects.

“This purchase underscores our confidence in Melton’s future as a key economic hub. With strong underlying land value and a rapidly expanding local community, our vision is to create a dynamic industrial and retail precinct that will drive long-term employment and investment opportunities for the region,” he said.

Melton is emerging as a major growth area in Victoria, with significant infrastructure and residential developments supporting its evolution into a commercial centre.

Maximise Group’s latest acquisition aligns with the company’s strategy of securing prime sites with strong future potential. The Melbourne-based industrial developer run by Claudio Romano.

It develops industrial estates in Melbourne but the Melton acquisition is its largest play. Mr Romano also runs construction company, CRC Group.

The vendor, 3L Alliance, has also been active. Last month it bought Kinnear’s Rope Factory in Footscray, forking out $39m for the property, well below the $60m that vendor R&F Property paid in 2016.