A development site in the Melbourne suburb of Oakleigh South has been sold for $5.9 million by Ray White Commercial Oakleigh.
Agent George Kelepouris brokered the deal for the 9200sqm site at 8-12 Natalia Avenue on behalf of the owner-occupier, who has operated timber company Pirea Building Supplies at the address for the past 20 years.
“The deal shows the Monash industrial sector is going from strength to strength,” says Mr Kelepouris, who fielded four offers during the expressions-of-interest campaign.
“This sale price confirms the lack of large land allotments achieving prices at this high level per square metre.
“The buyer is a developer with several industrial projects under his belt across Melbourne.”
A single 2000sqm warehouse-showroom building stands at the site, which has dual access via Coora Road and is zoned Prime Industrial 1 (N1Z).
The property had a town planning permit for 25 warehouse and/or shells on 4176sqm.
“Additionally, the site will soon be in town planning to offer an industrial estate with sizes ranging from 120sqm to 200sqm factoriettes,” Mr Kelepouris says.
South-east Melbourne continues to be one of the more favoured locations across the state for industrial property, according to Ray White Commercial research.
The Between the Lines Melbourne Industrial Monash LGA April 2017 report found average days on the market were reducing for properties in the Monash area, highlighting urgency in the market.
Oakleigh (55 days) and Oakleigh South (82 days) were standout performers, both halving their average selling periods compared with the previous year.