Melbourne, 25 May 2016 – Strong demand for industrial space in the tightly held commercial hub of Altona has underpinned a tranche of sales at Cadence Property Group’s new land subdivision.
Located just 12 kilometres from the CBD and Port of Melbourne, the Altona land subdivision comprises a circa six hectare parcel of six lots – representing some of the last remaining Industrial 1 zoned land within the area.
Cadence Property Group Director Charlie Buxton said the limited stock supply in Altona had fuelled sales at the new subdivision over the past 12 months.
"The result exemplifies the high demand for land stock within the inner western industrial precinct, relative to other industrial catchments across Melbourne,” Mr Buxton said.
The release benefits from immediate proximity to the major arterial routes, as well as retail and lifestyle opportunities at the nearby Altona Pier Street.
"The core fundamentals of scarcity of land, access to amenity and proximity to the Port of Melbourne clearly stood out throughout the campaign. We've had solid demand for the properties from businesses that recognise the economic value of the location, particularly from transport and logistics groups,” Mr Buxton added.
The six lots, which sold for rates between $130 per square metre - $150 per square metre, were purchased by civil construction group Civilex/Conset, road construction contractors Elite Roads, two private operators and transport group Niche Logistics.
CBRE’s Tom Hayes said the strong sales result was evidence of the ongoing investor appetite for industrial property in Melbourne.
“Melbourne’s inner west is emerging one of the most sought industrial precincts, with many operators looking for options over the bridge – favouring its close proximity to Melbourne’s port, CBD and airport,” Mr Hayes said.
Cadence’s Altona Logistics Park and imminent subdivision of Main Stone Business Park are expected to achieve similar success given the strong market fundamentals currently being seen.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.