A massive, some 3.41-hectares, commercial and industrial landholding in Thomastown has been brought to market, offering what agents are calling a “once-in-a-generation” opportunity for renewal in one of Melbourne’s most critical industrial corridors.
The offering, comprising three substantial adjoining properties at 26 Wood Street, 261 Settlement Road, and 267-273 Settlement Road, is being marketed by GrayJohnson in conjunction with CBRE via an Expressions of Interest campaign. The sites are available to be purchased individually or as a combined “supersite,” providing a strategic footprint in a precinct recently nominated as a State-significant industrial area#.
Located in the heart of Thomastown’s established commercial hub, the properties boast over 255.48 metres* of frontage to Settlement Road and around 76.23 metres* to Wood Street. This high-exposure position is in an established area with major national brands including Bunnings, Harvey Norman, Repco, Petbarn and JB Hi-Fi.
Matt Hoath, Director at GrayJohnson, believes the scale and zoning of the site set it apart from anything else currently available in the northern corridor.
“A landholding of this magnitude, particularly one with such versatile Commercial 2 zoning, is incredibly rare in today’s market,” Mr. Hoath said. “We’re seeing significant interest from owner-occupiers and developers who recognise that this isn’t just a potential industrial plot, it’s a platform for a major commercial landmark. Whether it’s bulky goods, manufacturing, or a large-scale retail hub^, the ‘supersite’ nature of the combined parcels allows for a level of master-planning that you simply can’t achieve on smaller lots.”
The Commercial 2 Zoning (C2Z) is a key driver for the site’s potential; encouraging a diverse range of uses including offices, appropriate manufacturing and industries, bulky goods retailing, other retail uses and associated business and commercial services. Notably, the main road frontages onto Transport Zone 2 roads open the door for additional permissions, such as supermarkets, shops, or even cinema-based entertainment facilities, which are typically restricted in standard commercial areas.
Investors are also expected to be drawn to the “passing income” provided by existing leases, allowing a new owner to collect a sizeable return while navigating the planning and permit process for future development.
Key features of the Thomastown site include:
• Massive Scale: A total combined land area of some 3.41 hectares*.
• Dual Exposure: Extensive frontages to both Settlement Road and Wood Street.
• Connectivity: Nearby access to the M80 Ring Road and M1 motorways.
• Strategic Precinct: Part of a State-significant area slated for industrial renewal#.
• Flexibility: Properties offered separately or as a whole.
With the diminishing supply of substantial commercial and industrial land in Melbourne’s north, this Thomastown portfolio represents a strategic acquisition for those looking to capitalise on the region’s continued growth and infrastructure upgrades.
*approx.
#source: Department of Transport and planning July 2025
^Subject to planning approval
Matt Hoath Daniel Eramo
0418 543 714 0400 871 191
mhoath@grayjohnson.com.au daniel.eramo@cbre.com.au
