Works have begun on Victoria’s highest multi-level ‘man cave’ warehouse with its 24-hour security and concierge service attracting broad investor appeal, in particular high-end car owners and e-commerce businesses.
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The four-level strata industrial development titled Keys101, will be built at 101 Keys Road in the south-east suburb of Moorabbin and is set to become Victoria’s first four-storey industrial hub of its scale.
It will also be a first-of-a-kind opportunity for the broader public to be able to snap up an individual strata ownership within a warehouse structure of such magnitude.
Keys101 will occupy a 16,917 sqm site and will comprise of private industrial suites across four levels, ranging from 69 sqm to 349 sqm, with prices starting at approximately $450,000.
What makes Keys101 distinct is the low entry costs and variability in lot sizes appealing to a wide variety of different businesses; its location in Melbourne’s south-east has also been earmarked by the state government as an emerging activity hub.
A rendering of the type of business possible with one of the larger Keys101 sites. Picture: Supplied
Gareth Jackson of Cushman & Wakefield – who is selling the project alongside Kyle Mazzanti, Chris Gianna and Konnor Kalafatis – said in addition to interest from trades and private collectors, the lower entry costs were attractive as a self-managed super fund investment.
“Due to way this is structured, with the land tax cost down, it’s definitely appealing to all investors, but SMSFs are a massive part of the buyer pool,” he said.
Mr Jackson said high-end car owners had shown keen interest in the development, due to Wilson Security being the integrated on-site operator offering monitored security, CCTV coverage, patrols and rapid incident response.
“This has got security to the next level, and it’s definitely a niche in the market there,” he said.
“For those guys that have got high-end cars, they can leave it there and have it fully insured and fully looked after.”
Wilson Security will also deliver concierge and logistics support including deliveries, visitor access, pick-and-pack services, freight handling and day-to-day site coordination.
Keys101 offers broad investor appeal and can support anything from office space, podcast studios, e-commerce headquarters, gyms, to car storage. Picture: Supplied
Tax efficiency
The vertical development also offers a significant financial advantage in Victoria’s current tax environment.
The reduction in the land component relative to total asset value means purchasers can achieve land tax savings of 90% or more compared to traditional single-level industrial holdings of similar value.
“When you combine land scarcity, significant land tax savings and the appeal of strata ownership, developments like this represent the next chapter of industrial property in Victoria,” Mr Jackson said.
Developer Paul Huggins, from Momentum Global Development and Construction, said the project directly responded to structural land constraints and cost pressures, which were reshaping the market.
“Industrial land in this corridor is finite. Going vertical is no longer optional, it’s the future,” Mr Huggins said.
“This is Victoria’s first four-level industrial hub where small- to medium-sized business owners actually get a seat at the table. We aren’t just building a warehouse — we are verticalising the strata market.”
Construction of the project is expected to take 12 months to complete.