This article is from the Australian Property Journal archive
A PRIVATE syndicator has picked up a 16,191 sqm industrial property in Melbourne’s south eastern suburbs for $15,000,000 with vacant possession.
The property was offloaded by Rathdrum Property.
JLL’s Matt Ellis handled the sale of 504-520 Princes Hwy in Noble Park, close to the Monash Fwy.
In addition to a 7,330 sqm factory and office space, the property has a 5,250 sqm high bay warehouse with under cover loading and six metre clearance. The site also boasts 200 car spaces, substantial main road frontage and industrial 1 zoning.
Ellis said the property is suitable for a multitude of future uses including land subdivision, owner occupiers or last mile delivery and e-commerce.
“We are continuing to receive strong enquiry for industrial property in the South East where land remains tightly held and serviced land options are limited.”
According to JLL research, industrial leasing activity remained stable across the entire Melbourne market in the first quarter of the years. In line with broader market trends, no growth was recorded for both primary and secondary rents, although ongoing lack of stock available for lease has placed upwards pressure on prime and secondary rents in the south east precinct over the last 12 months, pushing prime rates upwards by 3.3% to an average of $92.7 per sqm.
