A premium business park near the coveted ‘Golden Mile’ shopping precinct is being offered to the market – unlocking an opportunity to secure a unique holding in one of Melbourne’s most sought after pockets.
CBRE’s Bryce Pane and James Jorgensen have been appointed to manage the sale process of Industria Nunawading - comprising 72 office warehouses and a three level office building with city views - on behalf of the joint venture between Wilmac Properties and Folkestone.
Located at 31-39 Norcal Road, in close proximity to Nunawading’s ‘Golden Mile’ retail hub – Melbourne’s largest bulky goods retail shopping strip – the development is the first commercial and industrial project of its kind to be offered to the market in more than five years.
Mr Pane said Industria Nunawading would redefine the area, helping position it as one of Melbourne’s leading commercial destinations.
“With the opportunity to attract up to 82 new businesses to the area, Industria Nunawading is the biggest commercial development being undertaken in the region, helping to revitalise and propel Nunawading’s status as the premier business hub of Melbourne’s east,” Mr Pane said.
“The development offers both diversity and flexibility, which will cater to the requirements of both small and medium businesses and savvy investors.”
The new commercial hub will offer modern office warehouse units ranging in size from 91sqm to 398sqm, and office suites ranging from 55sqm to 889sqm.
The development, which also includes a premium onsite café, is designed to suit the growing need of modern day small business, with flexible workspaces and high quality finishes.
The property’s close proximity to major health, education, retail, government and transport infrastructure will be a key factor attracting buyer interest, Mr Pane explained.
“Industria Nunawading adds another level of offering to Melbourne’s rapidly growing east, which is already benefiting from a flurry of development activity, including a proposed 400 lot residential project located just across the road.”
Mr Jorgensen said strong growth in the small business sector would underpin interest in the project.
“We expect to see interest from small businesses such as online retailing, tradespeople, business services, import/exporters and IT/technology companies that are out-growing the home office and garage,” Mr Jorgensen said.
“There is also the increasing need for personal storage, with baby boomers selling the family home and moving into apartments. This is creating demand for smaller commercial and industrial strata developments, which investors and owner/occupiers are capitalising on given the record low interest rates and benefits of purchasing within a SMSF.”
Within one week of launch of Industria Nunawading, 30% of stage one has sold – demonstrating the high level of demand in the area.
“Melbourne’s eastern industrial market remains a sought after precinct, with occupancy rates around 95.8% and unemployment rate of 4.3%,” Mr Jorgensen added.
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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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.