Melbourne, April 23, 2013 - Demand for industrial land in MAB Corporation’s Orbis Business Park at Ravenhall has increased dramatically, with 15 blocks sold since late December, 2012.
CBRE and Knight Frank are the joint selling agents for the 34.5ha estate, which is already home to major occupier such as Fuji Xerox and Independent Tube Mills.
Knight Frank’s Joel Davy said there had been a significant increase in transaction activity this year relative to 2012.
”Many developers and owner-occupiers are taking advantage of the current land opportunities,” Mr Davy said. “We have seen an increased amount of land enquiry lately in the western suburbs with some strong results.”
Charlie Buxton of CBRE agreed, saying that “while sentiment has noticeably improved during the first quarter of 2013, it is pleasing to see this materialise in transactions and a gradual strengthening in land rates.”
This year, 3,000sqm lots with frontage to Robinsons Road have achieved rates of $240 per square metre.
“The Orbis Estate still has the best value1,000sqm industrial zoned land in the West,” said Mr Davy. “With Stage 5 about to commence, people can still take advantage of competitive deals.”
Mr Davy said the majority of purchasers were developers taking advantage of historically low prices on the rear lots or those looking to benefit from a very limited supply of lots facing Robinsons Road.
Mr Buxton added; “With rents increasing over the past three months within the western market and capitalisation rates expected to firm over the coming year, experienced operators are entering the land market in estates like Orbis before there is a commensurate increase in the price of serviced lots. Based on these fundamentals, we anticipate that the west will continue to see strong developer enquiry throughout 2013.”
For further information:
Charlie Buxton, CBRE 0400 330 319
Joel Davy, Knight Frank 0411 109 876
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