The Enterprise Park Business Estate at Springvale Road, Mulgrave was acquired by Marks Henderson in December 2002 from the ING Industrial Trust for $20 million providing investors with an initial return of 14% per annum on funds invested.
Originally developed by Slough Estates, the property occupies some 7.4 hectares of land with approximately 35,000 sqm of space within an attractive landscaped environment.
Marks Henderson subdivided the property into 10 separate titles providing flexibility for sales and staged development.
The park is well located close to Monash University, BMW Australia, Canon and Mercedes Benz.
Enterprise Park was progressively sold for a total of $36.565 million providing investors with an overall cash return of $2,470 per $1,000 unit and an internal rate of return of 19.4% over the 14 years of ownership.