The property at 15 Clarice Road, Box Hill South sold under the hammer, with the bidding starting slow, but then gaining momentum and steaming past the reserve price.
Bidding opened at $2 million and climbed steadily before the sale was struck $410,000 above reserve, equalling roughly $1,379 per square metre of land.
The campaign was handled by RWC Glen Waverley managing director Ryan Trickey and sales agent Will Jonas.
Mr Trickey said that the result pointed to a shift in sentiment that was now playing out in real time at auction.
“What played out on the auction floor shows real-time green shoots in the Victorian market,” Mr Trickey said.
“Infill development sites are in extremely short supply, and when a quality parcel is offered, competitive tension remains strong.”
Zoned Industrial 1 and carrying a legacy warehouse with an expansive hardstand yard, the site offered buyers holding income today and multi-unit warehouse development potential down the track, subject to council approval.
Its low site coverage and wide frontage added to the appeal, as did its position among national retail brands including Bunnings, Officeworks and Spotlight, and its access to Middleborough Road, Canterbury Road, Burwood Highway and the Eastern Freeway.
“Interstate buyers added to the competition, forcing local groups to bid aggressively, Victoria remains a very appealing market, albeit off the back of some headwinds over the past few years,” Mr Jonas said.
“We had five active bidders, and once bidding cleared $2 million, the momentum was continuous,” Mr Trickey said.
“Smaller industrial assets continue to hold up well, and this result confirms a deep appetite for suburban land.”
