Investor snaps up almost an entire Melbourne street for $47.75m
Almost an entire street in Melbourne’s industrial north has changed hands in a $47.75 million deal, giving one private investor six tenancies across nearly five hectares amid a citywide industrial land supply crunch.
The Dream Haven portfolio in Epping spans five titles across Dream Haven Court and Miller Street, with manufacturers accounting for most of its tenants.
“It’s clearly not every day that you come across the opportunity to buy nearly an entire Melbourne street,” says Fitzroys’ Brent Glassford, who negotiated the sale with colleague Marco Sandrin.
The buyer is understood to be Melbourne-based, already owns other commercial and industrial properties, and plans to hold the portfolio for income and potential rental growth.
“Passive income from quality tenants, rental reversion upside, value-add propositions and a critical landholding in Melbourne’s ‘CBD of the north’ made this a remarkably attractive investment for the purchaser,” Glassford says.
Annual net passing income of more than $2.894 million indicates a passing yield of about 6.06 per cent against the sale price. The portfolio was offered with a weighted average lease expiry of 2.83 years.
The vendor, an investor and developer who built out the land, sold through an expressions-of-interest campaign that attracted more than 65 enquiries.
Sandrin says interest came from local, interstate and offshore buyers, spanning private investors, syndicates, institutions and land bankers.
“We received five expressions of interest bids, which has left some $180 million in capital on the table that is actively pursuing Melbourne commercial real estate opportunities,” he says.
The holding contains 27,539 square metres of buildings on 48,826 square metres of land.
“The chronic shortage of industrial land supply in prime Melbourne locations made this an increasingly rare chance to secure an expansive portfolio in one of the city’s most accessible commercial, industrial and employment hubs,” Glassford says.
Similar supply pressures are evident around Melbourne Airport, where demand for industrial land has intensified as availability across Melbourne’s north tightens.
The properties comprise 89 Miller Street and 2-3 Dream Haven Court, leased to All About Steel and D2 Steel; 4 Dream Haven Court, leased to Cooling Brothers; 6-8 and 10-12 Dream Haven Court, leased to Creative Composites and K Care Healthcare Solutions; and 16 Dream Haven Court and 91-93 Miller Street, leased to Convair Engineering.
The portfolio has access to the Hume Freeway and Metropolitan Ring Road, with the Melbourne Wholesale Fruit Vegetable & Flower Market nearby, along with Northern Hospital, Epping Private, Melbourne Polytechnic, the Mantra Hotel and Costco supermarket.
The strategic last-mile location also offers immediate connectivity to the rest of Melbourne, as well as Melbourne Airport.
Located about five minutes from the site, a massive $2 billion urban renewal master-planned community is transforming a 51-hectare bluestone quarry and landfill site – after laying dormant for nearly 20 years – creating a self-sustaining “city within a suburb” known as New Epping, spearheaded by property group Riverlee.
“Buyer sentiment is improving, and we expect that trend to continue throughout the final quarter of 2026,” Sandrin says.
