Freestanding Melbourne industrial property sells at auction for $1.67m

A freestanding industrial building in Melbourne’s south-east has sold under the hammer for $1.67 million.

Ray White Commercial Oakleigh agent Ryan Amler says the sale price achieved for 21 Teton Court, Highett, was $270,000 above reserve.

“There were five strong bidders, including one on the phone, who drove the deal to $1.67 million — or $2049 per square metre,” Mr Amler says.

“The bidding started at $1.2 million and the final price was reached after 27 bids.

“We had more than 70 inquiries throughout the campaign which resulted in a large attendance of about 40.

“The result shows the market is still very strong and there are a lot of buyers on the hunt.”

The auction for the 815sqm office-warehouse on a 1088sqm block was held on-site on March 15.

Mr Amler, who marketed the property with Joshua Colosimo, says the buyer is a local owner-occupier who has outgrown their current premises.

The vendor is also an owner-occupier who was previously using the premises for building custom V8 engines.

The tightly held suburb of Highett borders the Moorabbin industrial precinct and is surrounded by a range of established businesses.

Mr Amler says the immaculately maintained property attracted both owner-occupiers and investors.

The building has 27m of street frontage and includes three separate partitioned offices, an electric roller door, gas heating throughout and parking for eight cars. The site is suitable for loading and unloading containers.

Zoned Industrial 1 (IN1Z), the site is being sold with vacant possession.