Monash University pays $66 million for former Totoya site

Once operational in late 2024, it is expected to produce up to 100 million doses of vaccines each year, including vaccines against COVID-19, influenza, and respiratory syncytial virus.

Monash University refused to reveal its intentions for the former Toyota site, after it outbid 10 other groups as part of an international expressions of interest campaign.

“Monash University cannot comment on matters that are commercial in confidence,” a university spokeswoman said.

employment center

JLL’s Josh Rutman, Noral Wild, Jesse Radisich and Ming Xuan negotiated the sale to Monash University on behalf of Toyota but also declined to comment.

The site was marketed as one of the last remaining significant development sites in the Monash National Employment and Innovation Cluster, Victoria’s largest employment hub outside the Melbourne CBD.

Within this group, and including the Toyota site, is the Monash Technology Precinct, which houses the CSIRO, the Australian Synchrotron, the Victorian Heart Hospital and the Melbourne Nanofabrication Centre.

“This is the gateway to Monash’s Jobs and Innovation Cluster, which is already becoming one of the world’s centers of innovation and research,” JLL’s Ms Wild said when Toyota launched in May.

“It is rare that such a high-profile site is available in Notting Hill, particularly one with direct access to the suburban train station which will be less than 100 meters away,” he said.

Mr. Rutman said the site’s flexible zoning provided scope for developers and occupants to gain a “solid foothold in close proximity to some of the best education, technology and research organizations in the country.”

Established in 2003, the Toyota Technical Center Australia was one of only five such development facilities worldwide.

Not far away, in Burwood East, prominent real estate investors, the Nossbaum family, hope to raise about $40 million for a modern 80,000-square-foot office and warehouse building at 11 and 12 Wesley Court. The fully leased investment is being marketed by JLL.

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