This article is from the Australian Property Journal archive
AUSTRALAND’S newly released $350 million industrial estate in Keysborough, Melbourne, has chalked up 22 sales in less than two months.
Since the launch in July, the Key has sold 22 lots to 19 buyers for more than $20 million with sale prices in Stage 1 of the development ranging from $260 to $310 per sqm.
Australand’s commercial & industrial division general manager of new business Michael Hayden said the prices achieved to date at the Key demonstrate the robust demand for land in this market and the strong desire for occupiers to locate in a high quality business park environment with outstanding access to major arterial roads.
“The predominant buyer profile has been owner occupiers planning to relocate from a variety of other south eastern locations, again highlighting the unrivalled access and amenity of The Key in this region,” he added.
Australand’s C&I regional manager Anthony Maugeri said the company will soon commence construction of approximately 50,000 sqm of new facilities at the Key and is currently in the final stages of documenting a major pre-commitment of over 25,000 sqm which it expects to announce shortly.
“The Key has been designed to accommodate a diverse product range including land sales, turnkey packages, preleases and speculative developments, in order to address the shortage of premium industrial space at a time when market conditions are improving.
“Providing flexible accommodation options, with lots ranging from 1,000 sqm to 40,000 sqm, and excellent connectivity with Melbourne’s infrastructure network, The Key has quickly cemented a dominant position in Melbourne’s industrial market and there is much scope for further success at the estate,” he added.
Stage 2 civil works at The Key are due to commence in early 2011 with the remainder of the site to be developed in four stages in response to demand over the next four to five years.
Australian Property Journal