A quality industrial facility within the tightly held industrial precinct of Oakleigh South has sold for $2.55 million at auction on Thursday — $450,000 above reserve.
Located at 16-18 Fulton Street, the 1468sqm property received a huge amount of interest, with 13 registered bidders and nine active bidders at auction.
The property received 49 bids in total with the winning bid going to a local investor.
Ray White Commercial Oakleigh listing agent George Kelepouris said the property provided an outstanding opportunity to snap up a piece of the tightly held Oakleigh South industrial precinct.
“On a large corner allotment with exposure, good internal clearance, multi roller door access, and a dividing wall, the property provides you with the flexibility to have one or multiple tenancies,” Mr Kelepouris said.
“The property benefits immensely from its corner position and exposure to both Fulton Street and Milgate Street as well as excellent access to major arterial roads including Princes Highway, Wellington Road, Monash Freeway.
“It’s also only a minute’s walk to the recently upgraded Huntingdale station, bus terminals, and Huntingdale’s vibrant shopping precinct.”
Mr Kelepouris said the industrial market had been holding up extremely well throughout the pandemic.
“Due to lack of supply and high demand it’s been the least affected asset class with the Covid lockdowns,” he said.
“It’s been one of the strongest investments throughout the pandemic and a lot of people are swinging towards industrial assets.”