By ZAIDA GLIBANOVIC and PHILIP HOPKINS
LAND at Morwell’s enormous 100 hectare commercial development, Icon Industrial Park, has been selling strongly, with 24 properties valued at $28 million already under contract.
Having sold 90 per cent and 80 per cent of the stage one and two land release respectively, stage three has already garnered much interest.
Icon Park, launched in August last year, is the largest commercial development in the Latrobe Valley since the Mid Valley shopping centre, 50 years ago. The estate is tipped to have a final economic value up to $800 million and provide more than 3250 direct and indirect jobs.
Icon is being developed by a former Hazelwood power station electrical engineer, John Alom, through Homeington Building Group, and marketed by Morwell’s First National Real Estate Central KW, which has taken over the project from Rennie Property Sales and national commercial group Colliers.
The managing director of First National Real Estate, Central KW, Frank Palermo, said his company had sold 24 blocks of land at Icon.
“They range from high three (hundred thousands) up to one under contract for $3.5 million,” he told the Express.
“The locals don’t know they’re being sold because everyone comes up to us and tell us nothing is happening, so we thought we better tell them there is.”
Mr Palermo said the commercial market in Morwell had picked up, having been hit by the closure of the Hazelwood power station, which had hit confidence in the town.
“Now interest is returning,” he said.
The estate, still empty paddocks, is bordered by the Princes Highway, Alexanders Road and the Bega dairy plant, and is next to the Australian Paper railway line. The land was previously designated for a Morwell food manufacturing precinct, but has now been rebadged as Icon.
The 100 hectare estate consists of 80 subdivision lots that will be released in six stages. The lots vary in size from 1000 square metres to 20,000 per square metre. The estate is aimed at warehousing, storage and logistics companies, manufacturers and big commercial players such as Costco.
“There is a lot of interest from Melbourne,” Mr Palermo said. The estate’s proximity to the Princes Freeway and the Gippsland Logistics Precinct was a huge advantage, he said.
Stage 1 consists of 10-hectares, targeted as a mixed-use commercial and retail centre. The estate also includes two acres set aside for a petrol station and expansive parkland.
“We’re looking at the moment to develop a petrol station and fast food outlet for that area out there,” Mr Palermo said.
A proposed Business Park is a key element of the estate. Mr Palermo said it was aimed at big retailers and company head offices.
While the estate has been divided into blocks of various sizes, Mr Palermo said blocks could be consolidated or broken up according to the buyer’s wishes.
Latrobe City Council is a supporter of the development.
“As outlined in Our Transition Plan, Council is focused on attracting new investment and jobs to Latrobe City,” council said in a statement.
“One way we are doing this is through the Gippsland Logistics and Manufacturing Precinct. Like Icon Park, this Precinct will provide serviced industrial land in the coming months.”
