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Industrial sites snapped up in tightly held area

industrial

The Myrtle Collection has sold for a record land rate for the industrial market in Melbourne’s east.

A shortage of industrial land and incredibly tight vacancy rates in Melbourne’s east drove strong competition for the new collection of industrial lots in Glen Waverley.

The two sites were sold separately  and combine for a total of 4142 sqm.

Colliers’ Andrew Chrapot and Harry Larwill sold the land allotments with a combined sale value of $8.02million, representing a combined land rate of $1,931/sqm – a new record for the industrial market in Melbourne’s east.

39 & 39a Myrtle Street sold for $5.4million ($1,952/sqm) to a local developer, while 41 Myrtle Street sold for $2.62million ($1890 sqm) to a local occupier.

“This is an incredible result for the area and for the Victorian industrial market more broadly, setting a new land record for the eastern industrial precinct,” Andrew Chapot says.

“We conducted 20 inspections with prospective buyers and fielded 121 direct enquiries, with nine offers made at the close of EOI. Demand came from all purchaser profiles, including developers, owner occupiers and land bankers. The proximity to the Glen Waverley entertainment precinct was a major factor in the outstanding level of demand we received.”

The sale marked the first time the asset had been placed on the market in more than 50 years.

Located 23km from the Melbourne CBD and surrounded by an abundance of major arterials including Waverley, Blackburn and Springvale Roads as well as High Street, the properties offer excellent access to The Monash Freeway and Eastlink.

Myrtle Street is bound by amenity including Glen Waverley Train Station, The Glen Shopping Precinct, Kingsway entertainment/food precinct and Brandon Park Shopping Centre.

“This was a unique opportunity to acquire a significant land holding located within one of Melbourne’s most desired and tightly held key infill industrial precincts,” Mr Larwill said. “There is currently a shortage of industrial zone land in the eastern industrial markets and vacancies are sitting at 0.87 per cent between 1000 sqm and 4000 sqm,” Harry Larwill says.

“The properties are underpinned by a gentrified industrial/commercial market and a booming residential catchment supported by major occupiers and shopping destinations.”

For more information on Colliers, click here.

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