Neue Space $55m Mulgrave Hub Adds to $350m Pipeline

Developer Neue Space has lodged plans for a $55-million premium industrial estate in Mulgrave—the latest addition to the company’s $350-million development pipeline across Melbourne’s industrial corridors. Plans for the 50-unit estate at 5 Bastow Place submitted to the City of Monash would deliver units from 90sq m to 600 square metres. The Melbourne-based developer is targeting owner-occupiers, small and medium-sized enterprise businesses (SMEs) and logistics operators in one of the state’s tightly held south-east industrial precincts. Co-founder Sam Alexiadis said the acquisition addressed an undersupplied market characterised by strong occupier demand. “We identified a rare opportunity to reshape an underutilised site into a highly functional estate that genuinely responds to how businesses operate today,” Alexiadis said. “Lodging the plans for Neue Space Mulgrave is an important step ... to bring this project to life while continuing to push our broader pipeline forward.” The Mulgrave project is 20km south-east of Melbourne’s CBD and would feature what the developer describes as a “refined architectural language with elevated materiality and strong street presence”, which would place the estate apart from other offerings in the small-format industrial market. Co-founder Aaron Paras said Mulgrave was one of Melbourne’s most resilient industrial locations “but modern small-format units are incredibly scarce”. “Securing a favourable land rate allows us to bring a premium outcome to market at an accessible price point, which is increasingly important in a climate where cost is a significant factor,” Paras said. ▲ Paras and Alexiadis have built a $350-million pipeline focused on high-quality, well-connected infill locations across Melbourne’s employment corridors. The planning submission comes as Neue Space ramps up delivery across multiple sites. Neue Space Heidelberg, a 57-unit multi-level development at 121 Northern Road in Heidelberg West, is approaching completion. The project comprises 27 Neue Warehouse units—two-storey spaces combining office and warehouse under one roof—23 Neue Tech units featuring open-plan layouts with mezzanines, and seven Neue Storage spaces. Units range from 43sq m to 230 square metres. Construction has begun at Neue Space Ringwood, a 64-unit development at 407 Maroondah Highway featuring 20 two-storey warehouse spaces and 44 basement storage units. Work is also under way at Neue Space Mornington, a 110-unit estate at 1158 Nepean Highway comprising 52 warehouse spaces and 58 storage units. Delete A VIP pre-sales campaign for Neue Space Mulgrave is scheduled to begin in early 2027. Neue Space’s focus on design-led industrial development mirrors a broader shift in Melbourne’s small-format industrial market. Gravias recently secured council approval for a $12-million refurbishment at Keilor East , continuing a strategy where premium finishes have commanded lease rates approaching $250 a square metre. Ledlin Developments has lodged plans for a $13-million Somerville Business Park on the Mornington Peninsula, comprising 16 strata office-warehouses targeting younger investors from the developer’s 3000-strong buyer network. Ledlin’s premium industrial project, Vermont Inc, sold out in six minutes from launch . Melbourne’s industrial vacancy rose from 3.1 per cent to 4.1 per cent in the second quarter of 2025, according to Prological’s market intelligence report , though developers focused on the premium end of the market report sustained demand from SMEs seeking contemporary facilities.

Neue Space $55m Mulgrave Hub Adds to $350m Pipeline

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