Land for a $2 billion business park sells to Melbourne family office
A Melbourne family office has doubled its development pipeline after a mega-land deal in the city’s north that comes with approved plans for a $2 billion business park on the 259-hectare site.
In one of the city’s biggest industrial land transactions over the past year, Yale Investment Group, which is led by civil engineer and former nightclub owner Andrew Sirianni, purchased O’Herns Logistics Park in Epping from property group Sandhurst Retail and Logistics for $275 million.
The site, at 480 O’Herns Road and 25 Vearings Road, has plans approved for a 118-hectare business park and construction of the initial stage has already been completed.
Mark Weller, chief financial officer at Yale Investment Group, said the company planned to continue developing the site for warehousing, which would take around five to six years to complete, but it was open to potentially adding a data centre.
“[Data centres] is a hot space at the moment, and securing the power and the water, etc, is a challenge, but we’ll see. We’ll see where we go with that,” he told The Australian Financial Review. “But the site is ready to go, it’s permitted.”
The $275 million price tag transaction value is indicative of how strongly sought-after are sites suitable for logistics and data centres in Melbourne’s northern growth corridor, and the nation overall. The national industrial and logistics vacancy rate in the second half of 2025 was around 3.2 per cent – below the market’s equilibrium threshold of 4 per cent, according to commercial property agency CBRE.
The Epping deal takes Yale Investment Group’s pipeline of development projects to around $4 billion. That includes a mixed-use project in Geelong due to be completed in 2029 and a residential estate with an end value of $200 million near Melton, about 37 kilometres west of Melbourne’s CBD.
It comes after Sandhurst Retail and Logistics initially struck a deal with property giant Goodman in May, but it fell through. Goodman declined to comment on the reasons why the transaction didn’t proceed.
LAWD’s Paul Callanan, Peter Sagar and Henry Sayers along with Colliers’ Nick O’Brien, Daniel Telling, Sean Thomson and Gavin Bishop managed the transaction, which is due to settle in July.
“This is probably one of the largest individual transactions in the last couple of years. I can’t think of too many others, certainly in Victoria,” LAWD’s Sagar said.
“Yale Investment Group has secured the opportunity to develop a world-class logistics estate and achieve a potential higher order development outcome, including the potential for a large-scale data centre campus.”
Colliers’ O’Brien said Epping is one of the city’s most sought-after sub-markets, where there is land available but significantly a relative lack of development-ready sites.
“The market’s not overly land constrained, but in terms of readily developable sites, I think there are implications within most markets at the moment, around sites that have held up due to permits, Melbourne water and other constraints,” he said “So I think this will bring on some really key supply for that Epping market. ”
