This article is from the Australian Property Journal archive
THE record-breaking sale of a south-east Melbourne industrial site has brought to an end four generations of family ownership – and has left more than $125 million of capital on the table.
A local owner-occupier acquired the 11,776 sqm site at 8-12 Lionel Road, Mount Waverley – near the Monash University precinct – at a per sqm rate that JLL agents Lachlan Ferguson, Harry Larwill, and Stephen Adgemis said set a new record.
The per sqm rate was undisclosed but sources told Australian Property Journal that a price above the $17 million-plus quoted as the guide throughout the campaign was achieved.
The agents did confirm that there were 80 enquiries, 11 inspections and nine offers made.
“We are sitting on more than $125 million of capital ready to deploy for the right property,” Ferguson said.
He said the sale competitive campaign showcased the continued strength of Melbourne’s eastern industrial market, with multiple developers and occupiers vying for the asset.
The site is zoned Special Use Zone 6 in an area synonymous with last-mile logistics operations and life science activities.
Adgemis, said it was rare to offer vacant possession in such a popular, blue-chip precinct.
The site also sits between two diamond interchanges of the Monash Freeway and is in proximity to Blackburn Road and Forster Road, providing direct access to Melbourne’s arterial network.
“The property’s excellent location combined with vacant possession and deferred settlement options of up to 12 months made it attractive to both owner occupiers seeking immediate occupation and developers looking to optimise their holding costs,” Larwill said.
The sale ends four generations of ownership by a Melbourne family that has held the property for 60 years.
