This article is from the Australian Property Journal archive
STRATA industrial projects across Melbourne are experiencing high volumes of enquiry as buyers look to change tack amid the softening residential market.
Colliers’ Andrew Chrapot said the firm is seeing a direct correlation between the strata industrial market and the housing market, with very similar buyer profiles.
“But where pundits are predicting some of the heat will continue to come out of the housing market this year, we are still seeing a lot of enquiry for strata industrial assets.
“Sales are taking a little longer to get across the line, which is generally attributed to lengthier finance processes on the back of the royal commission, but buyers are not being dissuaded from strata industrial as a preferred destination for investment or owner-occupier asset class.”
Chrapot and colleague Charlie Woodley are marketing a new 140-unit strata industrial project, Indwe Park, at 27 Indwe Street in the inner western suburb of West Footscray, there have been 420 enquiries received. Stage One has 44 units ranging from 121 sqm to 407 sqm, starting from $399,000, with a mix of traditional office and warehouse units as well as high tech units, lofts and some units with Industrial 3 zoning, allowing for associated retail use.
In Dandenong South, Elite Property Group has commenced construction on Axis at 28-52 Smeaton Avenue, located in masterplanned Logis Estate. Of the 23 units offered for sale in stage one, ten remain. Units range from 143 sqm to 745 sqm in stage one, which is due for completion in late 2019.
At 107 Wells Road in Chelsea Heights, Stellar Residential is making its first foray into the industrial market with a 56-unit development. Stage one is now 96% sold out after launching in September. Construction has started on the units, which range from 153 sqm to 1,078sqm and start from $378,295.
Australian Property Journal
