Melbourne, 19 April 2016- The Port Melbourne industrial market is seeing a new trend emerge as the number of owner occupiers purchasing property starts to challenge the rush of developers buying into the upcoming area.
Guy Naselli and Daniel Eramo from CBRE’s City Fringe Industrial & Logistics team have sold three properties in the last month valued at almost $6 million to owner occupiers who were all previously leasing in the Port Melbourne area. All were private, off-market deals.
Guy Naselli, Senior Manager, said with the cost of borrowing at an all-time low, companies who had traditionally leased space were now in the market to purchase their own facility.
“The low interest rates and steadily rising rents have made people reconsider their situation. There is also long term uplift in the area due to the Fishermans Bend urban renewal so occupiers are getting in now while they can,” Mr Naselli said.
320 Lorimer Street, a multi-level office/warehouse totaling 1,036sqm sold to Rapid Finance for $3.1 million. CBRE acted on behalf of the vendor, Natasha Hennerman.
2 Central Boulevard, a 666sqm corner office/warehouse within the Portside Business Park sold to a major commercial construction company for undisclosed amount, in conjunction with Simon Regan of Dixon Kestles.
323 Ingles Street, a 185sqm office/warehouse and showroom sold to a media producer for $600,000. CBRE sold the property this on behalf of the vendor, Fig Properties Pty Ltd.
“Developers have recently been the prominent buyers of property in this area due to the recent government rezoning of a large proportion of Port Melbourne sites to residential, however owner occupiers are starting to make an impact.” Mr Eramo said.
