MAAS Group disclosed the acquisition of a sizable industrial parcel in Mayfield North, a suburb roughly eight kilometres north‑west of Newcastle’s central business district.
Acquisition specifics
The holding at 121B Woodstock Street measures about 2.27 hectares (approximately 2.3 ha) and was purchased for $13 million, equating to roughly $572 per square metre. The site contains three structures with a combined floor area of 4,180 sq m: a 1,780 sq m warehouse and two 1,200 sq m workshops.
Only 17 percent of the land is occupied by these buildings; the majority is paved hardstand, a feature that aligns with the growing demand for industrial outdoor storage (IOS) facilities.
Four offers were submitted for the parcel. Colliers agents Tim Woolf and Nick Christensen handled the sale, while Knight Frank representatives Michael Boom and Dan Barry also participated.
Colliers has been tasked with leasing the premises. Since the transaction, Woolf and Christensen have already secured interest for about 83 percent of the space.
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Leasing outlook and market fit
“From a leasing perspective, the property attracted sympathetic style users looking for engineering and hardstand amenity close to the readily available labour force, port and major arterial roadways,” Christensen said.
He added, “The SP1 Special Activities‑zoned site also benefits from dual street exposure and proximity to the Port of Newcastle and major arterial routes.” The dual‑frontage design is expected to appeal to firms needing easy truck access.
In practice, the configuration could lower logistics costs for tenants that store large equipment outdoors, especially those serving the nearby port and manufacturing clusters.
The site’s location near major roadways and the labor pool makes it a practical choice for businesses expanding their distribution or maintenance operations.
Company’s broader expansion strategy
Founded by former NRL player Wes Maas at age 22 with a single Bobcat and tipper truck, the group now trades on the ASX and operates across construction materials, civil engineering, equipment leasing, and property development.
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Maas continues as chief executive and managing director, steering a series of recent purchases. Earlier this year he bought a suburban Melbourne property for $15 million, currently leased to a health‑and‑fitness centre that competes with the Derrimut 24:7 gym chain.
Last year Maas and partner Hass Fahd launched the Cavalo Prestige project on a former Subaru site at Docklands, converting 1.78 ha into a mixed‑use precinct.
In addition to the Newcastle acquisition, the group is developing a 23‑ha industrial estate at Tomago and expanding its self‑storage operations in the same corridor.
Earlier in 2023, Maas sold the former Newcastle Fruit Markets site at Sandgate to the city council for $23.45 million, with plans to transform it into a food and logistics hub.
Colliers will continue to market the Mayfield North premises, aiming to fill the remaining space with tenants that can leverage the site’s hardstand area and transport links.
