Under the metrics applied to the most recent transaction, MAB’s stake will now be worth around $525 million if the locality is rezoned into industrial as expected.

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The airport, owned by billionaire Lindsay Fox, is about 15 kilometres from Geelong and 50 kilometres from central Melbourne.

Melbourne’s western suburbs are at the centre of an industrial and residential land boom as multiple developers race to keep up with demand for housing and large sheds catering for logistics and ecommerce firms.

Planning authorities are due to begin considering a precinct structure plan for the land around the airport this month.

MAB’s plans for its site at 255-275 Avalon Road is to turn it into a business park called Greater Avalon that will leverage off the area’s accelerating growth and its closeness to the airport.

In 2020, when it announced plans for the park, it said the precinct would support about 18,000 jobs and cater for large industrial occupiers “well into the future”.

The group is currently developing the huge Merrifield business park and residential project in Mickleham and has previously built multiple apartments in New Quay in the Docklands precinct.

MAB’s owners, property developers Michael and Andrew Buxton, were in discussions with interested parties earlier this year about selling the 26-year-old property group.

But chief operating officer David Hall said the firm was primarily looking for capital to expand the business.

“We had good discussions with a number of parties looking to invest in business. We’re not proceeding with it at this stage,” Hall said.

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