This article is from the Australian Property Journal archive
ASX-listed agricultural herbicides company Nufarm has sold a shovel-ready 5.3-hectare western Melbourne industrial site for $32 million to a local developer.
Situated about 17 kilometres west of Melbourne’s CBD, the infill site offered purchasers a last-mile development opportunity with flexible options, dual street frontages, and short-term holding income, said Colliers selling agents Nick Saunders and Hugh Gilbert.
The expressions of interest campaign for 8-14 and 16-18 Hume Road generated over 80 enquiries and eight bids, culminating in the local private developer Binary Laverton outbidding national institutions to secure the property.
“The near fully-developed infill precinct is tightly held, with development opportunities of this nature rarely offered to the market,” said Saunders, who noted its proximity to the major freeway interchange between the Western Ring Road, West Gate Freeway, and Princes Freeway.
The site is nestled in one of Australia’s key industrial locations, surrounded by major companies such as Lineage, Bunnings, Holcim, and Infrabuild.
Laverton North boasts a vacancy rate of just 0.43%, Colliers data shows.
“Melbourne’s western industrial precincts enjoy consistent demand from occupiers seeking to remain close to the Port of Melbourne and key residential catchment areas with favourable employment demographics,” Gilbert said.
“A key distinguishing feature of the West market is the lack of future supply, with land availability diminishing rapidly over the past two years due to record levels of take-up.”
