The impressive 7,533sqm office warehouse, set on a generous 2.1 hectare site, attracted a range of buyer profiles before ultimately being secured by a Lindum Property Partners who identified the property's untapped value.
“This site represented a rare opportunity in a tightly held industrial pocket,” said selling agent Brett Diston. “With only 35 per cent site coverage, the buyer saw enormous potential to unlock further value through lease repositioning and capital improvements.”
The purchaser, a specialist in the industrial investment sector, plans to revitalise the current improvements and enhance the hardstand offering to appeal to future tenants.
“This is a value-add play with solid fundamentals,” Mr Diston said. “They're excited by the scope to improve rental returns by securing new leases across the vacant portions of the site, while also refreshing the overall facilities to attract higher-quality occupiers.”
The property is partially leased to a range of tenants, including international occupier Cummins Filtration International Corp, and offers excellent truck access and substantial hardstand areas.
The building rate achieved was $2,011.15 per sqm, while the land rate came in at $720 per sqm, a strong result reflective of the asset’s location and potential.
The vendor, who originally acquired the property in 2018, opted to divest the asset as part of a broader portfolio diversification strategy.
“This campaign generated robust enquiry from both local and interstate groups, with a mix of developers, investors and owner-occupiers circling,” Mr Diston said. “It’s a strong indication of continued demand for industrial opportunities with leasing and development upside in Melbourne’s eastern corridor.”
The property’s Industrial 1 zoning further enhances its flexibility for a range of future uses, subject to council approval.
