Moorabbin Business District - 60 Years In The Making

MOORABBIN BUSINESS DISTRICT IN THE MAKING

60 YEARS

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The power of two REAL FACTS, REAL SOLUTIONS Also includes reviews of: Moorabbin Activity Centre Moorabbin Airport Braeside Mordialloc Industrial Precincts

WELCOME Driven by many economic and social factors, Moorabbin is undergoing significant change that is affecting land and businesses uses.

industry and business types, all create business movement.

In the simplest terms, out goes manufacturing, in comes food and beverage, showrooms and digital businesses.

As shown with the insights in this document, these changes are creating opportunities for owner occupiers, businesses and investors.

West of the MBD, the Moorabbin Activity Centre near the corner of Nepean Highway and South Road will be a high-density commercial and residential precinct of up to 10 levels. Considered a “slow burn”, the pace of change in this precinct is quickening as developers increasingly understand the locational benefits.

The Moorabbin/Cheltenham industrial precinct, otherwise known as the Moorabbin Business District (MBD), has undergone a rejuvenation cycle every 20 years. The latest gentrification phase is currently underway.

With positive and negative aspects, structural changes to

Further south, the Moorabbin Airport precinct has taken on a multi-functional role, including retail (Costco) and business parks, in addition to its airport role. Each of these uses adds

CONTENTS TIME LINE

PAGES 4 & 5

BACKGROUND

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AERIAL PHOTO

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PROPERTY USAGE CHANGES

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MOORABBIN ACTIVITY CENTRE

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MOORABBIN AIRPORT INDUSTRIAL PRECINCT

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BRAESIDE AND MORDIALLOC INDUSTRIAL PRECINCTS

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INDUSTRIAL ESTATE TRENDS

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FUTURE OPPORTUNITIES

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MOORABBIN BUSINESS DISTRICT IN THE MAKING

60 YEARS to the Kingston economy, with more people doing business or living in the area leading to more people shopping there.

The nearby Braeside and Mordialloc industrial precincts are going to see the benefits of being linked to a wider freeway system.

The future construction of the Mordialloc Bypass is likely to provide similar benefits to businesses as those seen in the MBD with the Dingley Bypass.

This document provides some background information, property usage changes, and commercial trends across the MBD and nearby industrial and business regions. It is being provided to businesses and interested parties to help in assessing their operations in the area.

On behalf of local commercial and industrial real estate companies, Nichols Crowder and Nixon Industrial, We hope you gain some valuable insights from our report.

One of the key roles of the proposed Mordialloc Bypass is to service the large industrial users that cannot be located in Moorabbin, where the buildings are typically smaller.

Matt Nichols \ Managing Director Nichols Crowder Moorabbin and Nixon Industrial

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TIMELINE The MBD has a rich history. Below are some key dates that show its progression over almost 70 years.

Pre -1945 Fruit and Vegetables Most MBD land used for agricultural purposes.

1949 Coates Brothers

1952 Hordraulic Hordraulic (Aust) established to manufacture tractor loaders at Keys Road, Moorabbin.

Coates Brothers Australia, now called DIC Australia Pty Limited and part of Japan-based DIC Corporation, started manufacturing inks from its factory at 56 Cochranes Road, Moorabbin.

The local firm is still located there today.

1954 Philip Morris

1960

Philip Morris Australia started operations, opening its factory on the corner of Chesterville Road and Cochranes Street.

Coca Cola Moorabbin had 422 factories that employed 11,250 people. Coca Cola started bottling operations at 28 Levanswell Road, which continues to this day.

1964 Factories More than 530 factories were located in Moorabbin.

1966

Drive-in Cinema Moorabbin Village Drive-in cinema opens off Keys Road.

1963 Lindsay Fox Lindsay Fox started his first depot in Moorabbin.

Industrial land sells for the equivalent of $1.50 a square foot, or $15.00 a square metre.

1965 St Kilda Football Club St Kilda Football Club moves to nearby Linton Street, Moorabbin.

1968 Southland Shopping Centre

1969 Sportsmart Sportsmart opens at 83-85 Cochranes Road.

1980 Coca Cola Moorabbin Drive-in cinema closes. Coca Cola acquires the site to expand its bottling operations.

1990

Southland Shopping Centre opens nearby in Cheltenham, with 60 tenants over a total of 34,000sqm, and parking for 2,500 cars.

1977 Raeco Library supplier, Raeco, moves into warehouse and office facilities at 100 Cochranes Road, Moorabbin.

1986 Southland Southland Shopping Centre extended to 64,000sqm.

Cinema

Cinema complex first built at Southland Shopping Centre.

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MOORABBIN BUSINESS DISTRICT IN THE MAKING

60 YEARS 1992 Carman’s Fine Foods Carman’s Fine Foods at 4 Bricker Street, Cheltenham is started by Carolyn Cresswell, who embarks the business on a phenomenal growth track that continues today.

1993 Pellicano

1993 Football Club St Kilda Football Club stopped playing home games at Moorabbin.

Pellicano purchased various lots from Melbourne Water in Woodlands Estate totalling approximately 30 hectares, and undertook numerous design and construction projects for clients.

These included Aggreko, Commercial Minerals, PPG, Tradelink, HR Rolls, Target, Flavour Makers, Toro and Gale Australia (18,640m2), a Master Builders Winner in 1996.

1998 Parkview Estate

2000 Retail Southland Shopping Centre extension across Nepean Highway completed, cinema complex expanded, and 1,800 more car spaces added. New small industrial unit Business Parks are established, which have become a major economic growth driver for the area.

2011 Bar and Grill Fat Bob’s Bar and Grill opens at 80A Cochranes Road.

2017 50th Anniversary Pellicano celebrates its 50th anniversary, as more milestones are achieved such as the completion of Parkview Estate in Melbourne’s South East with its premium childcare provider, Precious Cargo Education.

The $500 million business park spans over 55 hectares, and is home to various leading Australian and international names including Bunnings Warehouse, VicRoads, Electrolux and Pioneer.

2018 Football Following extensive construction works, St Kilda Football Club to return to their spiritual home, the renamed RSEA Park at Linton Street, Moorabbin.

The 51-hectare property of Parkview Estate was purchased from South East Water in 1996 and officially opened by the Victorian Premier, the Honorable Jeff Kennett on 14 August 1998.

2007 Brewery 2 Brothers Brewery opens up at 4 Joyner Street.

Kookaburra Sport expands, moving into 218 Chesterville Road.

2016 Philip Morris Philip Morris sells its Moorabbin factory in February. St Kilda Football Club announces it will move its training base back to Linton Street, Moorabbin.

2017 Dingley Bypass The 6.4 km Dingley Bypass opens extending South Road, linking Warrigal Road at Moorabbin and Westall Road at Dingley Village. The $156 million road is three lanes each way with an adjacent shared cycle and pedestrian path running along it.

2018 Proposed Mordialloc Bypass The proposed Mordialloc Bypass, a new 9km arterial road, is announced, to improve journeys in one of greater Melbourne’s fastest growing areas. The Victorian Government has funded $300 million towards the project. It is expected to begin works by mid-2019 and complete the entire project by late 2021.

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BACKGROUND The Moorabbin Business District has been influenced by a range of economic, social, demographic and other changes since the mid -1950s. Originally set aside as an industrial area in the 1950s, the MBD benefitted from a boom in manufacturing and growing demand for industrial properties from this time until the 1970s.

TARIFF REDUCTIONS AND MANUFACTURING It was around this time that many developed countries around the world started reducing tariffs and other forms of protection to improve economic competitiveness and efficiency. Interestingly, the Whitlam government first cut tariffs in mid-1973, by 25% across all imports, only for the Fraser government to increase tariffs and protection across a range of industries over the rest of the 1970s and early 1980s.

Partly protected by the still relatively high import tariffs and limited import competition due to high shipping and transport costs, the MBD continued to thrive through most of the 1980s. However, by the 1990s, the manufacturing sector began to show initial signs of increased foreign competition and the effects of the late-1980’s recession. It was from the mid-1980s that both sides of politics committed to the long-term reductions in tariffs over the subsequent 30 years.

OTHER MBD INFLUENCES There are several other factors that have contributed to MBD growth over the past few decades. These include the success of Southland shopping centre, the MBD’s location being close to numerous major transport links, the gentrification of some sections of the MBD, and greater shipping and containerisation that have benefited local wholesale and export operations.

Since its inception in 1968, Southland shopping centre, now owned by Westfield, has generally been positive for the MBD. Initial concerns over the diversion of shoppers from local strip shops to Southland were soon forgotten as the new centre attracted large volumes of shoppers from the local catchment area and beyond.

New industries to the MBD include food and beverages, at both the manufacturing and retail levels.

Most manufacturers that faced the greatest competition from imports from low labour-cost countries, particularly China, have exited the MBD over the past 20 years. These include textile, clothing and footwear (TCF) manufacturers; consumer goods producers; and motor vehicle parts and components makers. In contrast, many manufacturers that face limited competition from imports, such as bulky building materials manufacturers, steel fabricators, and other engineering products, remain in the MBD. These types of businesses benefit from being able to supply local markets at short notice, high shipping costs due to the bulky nature of their goods that limits import competition, and relationships with domestic building companies.

Several other manufacturing industries remain in the MBD and continue to prosper.

These include food manufacturers, with Australian food and beverages considered to be prestige products in China and other Asian export destinations.

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MOORABBIN BUSINESS DISTRICT IN THE MAKING

60 YEARS These offerings tend to be unique to the area, and are considered trendy.

Digital businesses are new to the MBD. These companies generally require flexible premises that provide an “edge”. to attract employees and clients that are typically a younger demographic.

The MBD is in an ideal location to benefit from several key transport routes in the south east region. For example, Nepean Highway provides direct access to the city, as well as freeway systems and the northern suburbs. South Road links to Nepean Highway and other major roads, while the new Dingley Bypass links to several major roads and freeways.

The MBD has benefited from some gentrification in recent years, bringing a more diverse range of businesses to the area and attracting new customers. One of the first “new” businesses to set up in the MBD was 2 Brothers Brewery,

which started in 2007 at 4 Joyner Street. A microbrewery and food destination, 2 Brothers Brewery is now a local institution that is famous across the whole of Melbourne.

Fat Bob’s Bar and Grill opened in 2011 at 80A Cochranes Road. Serving top quality hamburgers and other traditional roadhouse offerings, Fat Bob’s regularly appears on Melbourne’s best hamburger lists. Other new “non-industrial” businesses to establish themselves in the MBD include furniture and homewares retailers, clothing retailers, a children’s play centre and, more recently, childcare facilities.

Finally, there are several other economic and geographic factors that have been positive for the MBD in recent decades. These include increased shipping, containerisation and port activity, which have contributed to cheaper transport costs, opportunities for greater volumes of cheaper imports, and a wider range of goods to supply to consumers.

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MOORABBIN BUSINESS DISTRICT

TRANSFORMING AT A RAPID RATE

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MOORABBIN BUSINESS DISTRICT IN THE MAKING

60 YEARS

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YARRA YARRA GOLF CLUB DINGLEY BYPASS

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COMPARISON OF USAGE BY SECTOR FROM JUNE 2011 TO JUNE 2016 2016 2011 2016 2011 2016 2011 2016 2011 2016 2011 2016 2011 2016 2011 2016 2011

A major growth sector in the future will be a new category: Digital Businesses. These will be any businesses where a consumer purchases products or services online, bypassing traditional networks.

2016 2011

With more people shopping online, at destination outlets, and large shopping centres, the proportion of retailers in the Moorabbin area declined, from 10.1% in June 2011 to 9.7% in June 2016. Further, the Transport, Warehousing and Postal sector shrank, in line with increased use of email and lower postal volumes, and with manufacturers increasingly shipping product direct to final users, bypassing warehouses.

2016 2011

Some growth was seen in the number of wholesaling firms over the five-year period, largely due to increased import activity and declining manufacturing. Further, as the economy focused more on services, the Professional, Scientific and Technical Services sector also increased as a proportion of the number of firms in the area.

2016 2011

In contrast, the number of construction firms increased strongly over these years, from 11.4% to 14.4%. This was in line with general strength across the construction sector due to high building and renovation levels, government infrastructure spending, and record low interest rates that encouraged building activity.

2016 2011

Recent data from the ABS show changes in usage across the Moorabbin area from the year ending June 2011 to June 2016. In particular, the declining manufacturing trend seen across the region continued over these years, declining from 12.1% of companies as at June 2011, to 10.4% as at June 2016.

2016 2011

PROPERTY USAGE REALIGNMENT

2016 2011

Renovated warehouse for online business

Construction 14.4% 11.4% Wholesale trade 12.4% 12% Rental, hiring & realestate services 11.4% 11.7% Manufacturing 10.4% 12.1% Professional, scientific & technical services 10.1% 9.8% Retail trade 9.7% 10.1% Other services 7.5% 7.9% Financial & insurance services 7% 7.1% Transport, postal & warehousing 3.3% 4.3% Accommodation & support services 2.9% 2.1% Administrative & support services 2.8% 3.5% Healthcare & Social assistance 2.1% 2.1% Healthcare & Social assistance 2.1% 2.1% Other sectors 5.5% 5.9%

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Data are for the ABS’s Moorabbin-Heatherton Statistical Area Level 2 (SA2), which is estimated to be made up of 90% Moorabbin firms and 10% Heatherton firms

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MOORABBIN ACTIVITY CENTRE (MAC) The Moorabbin Activity Centre (MAC) is one of 82 Major Activity Centres identified across Melbourne in the Victorian Government’s Melbourne 2030 initiative. The MAC will provide a rejuvenated area for shopping, living, working and meeting.

MAC is seen as a region that can support more retail, shopping and office services, as well as other land uses.

In addition to denser housing, this will encourage more people to live and work in the area, providing a safer and more attractive precinct.

WHERE IS THE MAC?

HOW WILL THE MAC AFFECT OTHER COMMERCIAL AND INDUSTRIAL ZONES IN THE REGION?

The MAC is almost a triangle that starts at the Nepean Highway and South Road intersection, extending south along Nepean Highway to near the Moorabbin Police Station and west along South Road to Harvey Norman and up Linton Street.

WHAT’S THERE AT THE MOMENT? The precinct already has the fundamentals, including considerable public transport, shopping facilities, a good road network, and existing buildings (some of which are at the end of their economic life). Moorabbin will look vastly different in 10 years .

From the City of Kingston’s Moorabbin Activity Centre Structure Plan, May 2011 document, the key objectives that relate to commercial and industrial property are: To build above the railway line and make the critical connections between the land uses on either side To build upon the existing employment opportunities in Moorabbin

WHAT’S THE PURPOSE OF THE MAC?

To consolidate retailing into clear precincts within the centre

As with most of Melbourne, a growing population in Moorabbin means there are greater requirements for retail and other commercial and industrial property uses. The

These factors will complement the Moorabbin Business District, with owners benefiting from improving land values, and businesses gaining more customers and clients.

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Costco wholesale

Moorabbin Airport

DFO Moorabbin

Moose Toys

MOORABBIN AIRPORT INDUSTRIAL PRECINCT The Moorabbin Airport Industrial Precinct comprises the industrial areas surrounding Moorabbin Airport north to Centre Dandenong Road, south to Lower Dandenong Road, and west to beyond Boundary Road to include a small section of Dingley Village. The area benefits from great transport links to the city, the Bayside region, Mornington Peninsula, and Dandenong.

In addition to light manufacturing and wholesaling (including Five Senses Coffee’s Melbourne roastery), there are some well-established service businesses in the area. These include Antique Motorcycles, which started out in 1988 and now operates a restaurant and cafÊ in addition to selling and servicing classic motorcycles. There are also several sport and fitness businesses, including gyms, dance and archery.

This precinct has a well-established industrial area near the DFO (Direct Factory Outlet), including Taunton Drive, Grange Road and Shearson Crescent. Several aviationrelated businesses are located closer to the airport.

To the north-west of Moorabbin Airport, the entry of USbased membership warehouse retailer Costco in late-2015 has had a major effect on the area, helping to attract shoppers and other businesses to the area. In addition to the DFO, which opened in 1997, Costco has helped to revitalise this precinct and drive positive change. This also relates to the industrial pocket to the west of Boundary Road in Dingley Village, which is benefiting from greater traffic flow and more customers.

Recent notable new businesses in this precinct include Moose Toys, which has 400 people in offices around the world and distributes its toys to more than 100 countries. As one of the largest toy companies in Australia and globally, Moose Toys is headquartered in this area, and has grown at an exceptional pace over the past decade.

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MOORABBIN BUSINESS DISTRICT IN THE MAKING

60 YEARS

BRAESIDE AND MORDIALLOC INDUSTRIAL PRECINCTS Braeside Industrial Precinct is bordered by Boundary Road to the west, Lower Dandenong Road to the north, Woodlands Drive to the east, and Governor Road to the south.

Braeside Industrial Precinct was mainly developed in the 1980s after the existing farmland was rezoned to allow industrial developments. Following this, Melbourne Water developed Woodlands Industrial Estate over the decade from 1992. The estate offered many large industrial properties that became home to several major national and international businesses. A large number of these companies remain today, including Toro Australia and GALE Pacific Limited.

Today, the Braeside Industrial Precinct contains a diverse range of light and medium manufacturing, as well as wholesaling and services businesses. Some non-traditional industrial businesses include Boatrocker Brewing Company, Motorcycle Motion, and various sporting and leisure groups.

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We have seen average pricing growth per square metre for industrial property of 34.4% in the Braeside, Mordialloc and Dingley Village industrial precincts since 2015-16. This has been driven by continued demand strength as interest rates remained low and from SMSFs, while the supply of larger industrial property remained relatively stagnant.

Continued business expansion and the area’s links to key transport and logistics links underlined the attractiveness of these suburbs as great places to operate from. With the Mordialloc Bypass, these businesses will now be part of an interlinked freeway system.

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The Braeside Industrial Precinct provides larger, more modern and higher clearance buildings than the MBD, which typically offers businesses 500sqm to 600sqm and with relatively low ceiling heights.

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MOORABBIN INDUSTRIAL ESTATE TRENDS Nichols Crowder and Nixon Industrial recently conducted an analysis of 11 industrial estates in Moorabbin / Cheltenham Business Districts, comprising 228 individual sites or lots. The average number of units per estate was 21, with the smallest industrial estate having eight properties, and the largest having 63. The average property size was 271sqm, ranging from 63sqm to around 500sqm.

Usage in the Moorabbin industrial estates is diverse. These industrial parks generally have a high percentage of owners and tenants that carry out wholesaling activities; provide specialist professional and technical services; or, offer construction and building services. Manufacturing and many other services are also provided from these locations.

Our most recent annual research report shows that average building sizes are reducing, driven by greater demand for small, affordable warehouses, and low interest rates. In 2016-17, the average size of “small� industrial properties (under 250qm) declined almost 5% from the previous year, to 139sqm. In addition to greater supply of these types of small warehouses, demand is also being driven by SMSFs, increased outsourcing of services, and industry changes to a more digital base.

BUILDING TRENDS There have been some significant changes in the layout, construction and use of industrial estates and individual lots over the past 10 years. Initially, industrial lots comprised a

large storage area, a large roller door, and a single entrance door to a small reception area. As more businesses moved into these estates that required larger offices, designs were amended to meet owner and tenant needs.

Today’s lots tend to have a ratio of between 50% and 75% for warehousing, and 25% - 50% for office. A decade ago, the ratio was around 90% for warehousing to 10% for office. Further, the overall presentation of industrial units has evolved. Developers are incorporating more contemporary facades, stone and timber finishes, modern industrial LED lighting, painted walls, and polished concrete floors. These types of units are designed to appeal to younger demographic buyers and tenants that are typically aged between 35 and 50 years.

OTHER TRENDS The older-style, 1960s low-clearance warehouse has now become trendy. Most are sized between 450sqm and 600sqm, with a high site coverage rate of 75% to 85%.

Buyers tend to be owner occupiers that see opportunities to renovate, often creating extraordinary results.

The business types that are purchasing these warehouses are wide and varied, with most looking to take advantage of the larger warehouse size, good transport links, and an increasingly diversified industrial and commercial precinct.

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MOORABBIN BUSINESS DISTRICT IN THE MAKING

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FUTURE OPPORTUNITIES Within 20kms of Melbourne’s CBD, the MBD is the only surviving major older-style industrial area in the eastern and south-eastern suburbs. Many of the buildings in the MBD have become trendy, and are being repositioned by usage. Rarely are these older-style warehouses being demolished.

Recent gentrification trends are likely to continue. Although this may result in some heavy manufacturing exiting the region, it will see new types of businesses starting up and attracting a different type of customer. Further, rising land values will make sure that property owners will look to maximise their investment returns, and upgrade buildings and facilities as required to attract a more diverse range of tenant.

We will likely see more uses related to lifestyle factors, including childcare, gyms, and healthcare, as well as much better food options in modern settings.

With the rising popularity of small and affordable warehouses in the past decade, more of these types of developments are likely to been seen across the MBD. Buyers like these types of structures as they can afford to locate their business in a region that is close to key infrastructure, while developers can sell these small warehouses for a higher price per square metre than traditional larger properties.

Most Australians are employed in businesses with less than five employees, with the growth of small business expected to be very strong over the next decade. Builders and developers need to create affordable commercial and industrial properties that offer options and flexibility to owners and tenants. With small business being the real workhorse of the Australian economy, opportunities to drive growth in this sector will greatly benefit workers, owners and consumers.

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Elsternwick Brighton

Mount Waverley

Caulfield Caulfield South

Mulgrave

Oakleigh Ormond Mckinnon Bentleigh Oakleigh East Bentleigh South

Springvale

Clayton

Hampton Sandringham Black Rock

Moorabbin

Highett Cheltenham

Beaumaris

Mentone Parkdale

Dingley Moorabbin Airport

Dingley Village

Braeside Mordiallic Keysborough Edithvale

Dandenong

Chelsea

Bangholme

Bonbeach Patterson Lakes Carrum

Carrum Downs

The power of two

Seaford Cranbourne

Frankston Langwarrin Frankston South Mt Eliza

Somerville

Mornington

Commercial & Industrial Real Estate

Sales & Leasing

MOORABBIN \ 9559 3888 \ 358 SOUTH ROAD, VIC 3189 Mt Martha

Tyabb

Property Management

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All information and sizes shown are approximate. Particulars herein are for information only and do not constitute any representation by the owner or agent. Information in this report should not be considered as financial advice. Interested parties should make their own enquiries. If you do not wish to receive further information please contact our privacy officer.