In an announcement today with Cushman & Wakefield, Developer Paul Huggins of Momentum Global Development & Construction cites growing demand from investors and owner-occupiers for high-spec warehouse space as the driver behind Victoria’s highest multi-level industrial warehouse. This development marks a decisive shift in how industrial property is designed, owned and taxed.
Responses are said to be broad and diverse from owner-occupiers, e-commerce businesses, trades to investors – even private collectors.
The squeeze is on for commercial space in Melbourne. As seen in the residential property market, demand is also outstripping supply in the commercial property sector.
Commercial property industry professionals say industrial land in Melbourne is finite. Does that really translate into high-spec warehouse space as ‘the new ‘man cave’ for business, storage and lifestyle integration’?
Industrial land across Melbourne’s south-east corridor is finite. Going vertical is no longer optional, it’s the future – Developer Paul Huggins, Momentum Global Development & Construction
Increasingly positioned as the new ‘man cave’, business, storage and lifestyle integration are not the only evolving needs and requirements of a fast-changing, modern workforce.
Inside Victoria’s Highest Multi-Level ‘Man Cave’ Warehouse
Media Release | Cushman & Wakefield 3 March 2026 —
Victoria’s highest multi-level industrial warehouse is rising in Moorabbin, marking a decisive shift in how industrial property is designed, owned and taxed. Demolition has commenced at KEYS101, a four-level strata industrial development at 101 Keys Road that will become Victoria’s first four-storey industrial hub of this scale, and the first of its kind to offer individual strata ownership within a structure of this magnitude.
As industrial land across Melbourne’s south-east tightens to critical levels, developers are increasingly looking up instead of out. But KEYS101 is not simply another vertical warehouse.
While there are other multi-level builds nationally, they do not compare to the magnitude or architectural ambition of this project. Outside Victoria, there is only one other four-storey industrial development in NSW – MADE Marrickville by TOGA and it is nowhere near the scale of KEYS101.
Most existing high-rise industrial facilities across Australia are purpose-built “black box” logistics assets designed for single-tenant conveyor systems. KEYS101 represents the first time in Australia that the broader public can purchase and own an individual strata title within a warehouse structure of this scale.
The project will deliver private industrial suites across four levels ranging from 69 sqm to 349 sqm, priced from approximately $450,000, targeting small businesses, e-commerce operators, trades, private investors and collectors seeking secure, well-located space.
Beyond its scale and design, vertical development also delivers a significant financial advantage in Victoria’s current tax environment. By reducing the land component relative to total asset value, purchasers can achieve land tax savings of 90 per cent or more compared to traditional single-level industrial holdings of similar value.
For owner-occupiers, this materially lowers ongoing holding costs and improves capital efficiency. For investors, it enhances net yield outcomes and long-term return performance.
With demolition underway, the development sits on a 16,917 sqm* site with a total GFA of 46,722 sqm*, reflecting a broader recalibration underway across the sector: less land, more intensity, and greater focus on flexibility, security and amenity.
Wilson Security underpins KEYS101 as its integrated on-site operator, providing 24/7 monitored security, continuous CCTV coverage, patrols and rapid incident response, all coordinated through its National Operations Centre. Beyond security, Wilson delivers concierge and logistics support including deliveries, visitor access, pick-and-pack services, freight handling and day-to-day site coordination.
Developer Paul Huggins of Momentum Global Development & Construction said the project responds directly to structural land constraints and cost pressures reshaping the market.
“Industrial land in this corridor is finite. Going vertical is no longer optional, it’s the future,” Mr Huggins said.
“By significantly reducing the land component attached to each title, buyers can achieve land tax savings of 90 per cent or more compared to conventional industrial assets. That fundamentally changes the holding cost equation for both owner-occupiers and investors.
“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” he said.
Gareth Jackson of Cushman & Wakefield, who is selling the project alongside Kyle Mazzanti, Chris Gianna and Konnor Kalafatis, said the response has been broad and diverse.
“We’re speaking with owner-occupiers, e-commerce businesses, trades, investors and private collectors,” Mr Jackson said.
“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” he said.