More than 13,000sqm of developable land in Preston has been listed for sale in a move expected to ignite strong interest from groups looking to capitalise on Melbourne’s high growth fringe market.
CBRE’s Dean Hunt and Daniel Eramo, who have been appointed to market the 28-44 Albert Street property, said Melbourne’s strong population growth was driving gentrification of inner suburbs such as Fitzroy, Clifton Hill and Fairfield.
“With development sites becoming harder to identify, brownfield sites that have been used traditionally for low density are becoming prime targets for conversion,” Mr Hunt said.
“The zoning across these older industrials sites vary, however, if the site remains under an industrial zone there is still latitude for various uses subject to permit, including high tech industrial, large format retail, commercial and service industry.”
The Albert Street property comprises a 13,590sqm landholding with Industrial 3 Zoning that offers dual frontage to Albert and Daley streets.
With over 12,000 passing vehicles per day, the property offers development potential for a range of uses, including high tech industrial, large format retail, smaller specialty retail, office, service industry and storage.
Mr Eramo said the property’s flexible use in a key growth location would underpin strong development interest.
“With portions of Preston’s industrial hub identified for gentrification, and east of Albert Street remaining a key employment hub, the property represents an outstanding opportunity to capitalise on the area’s growth,” Mr Eramo explained.
“There has been a significant uplift in property values in Melbourne’s fringe – spurred on by the increased demand from occupiers and investors seeking space in these areas. The appeal of this location is its proximity to the CBD, as well as surrounding business precincts, road infrastructure, employment pool and public transport.”
The property is being offered for sale via an Expression of Interest campaign, closing September 7.
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About CBRE Group, Inc.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
