An interstate owner occupier has expanded its footprint in the Melbourne market after purchasing a 1.6ha site in Dandenong South to develop its newest facility.
A building product specialist plans to develop a state-of-the-art facility spanning 8,000sqm on the property, situated at Lot 6, 91 Colemans Road. Upon completion, the facility will be used as its new Melbourne headquarters for production and distribution.
The site, which boast dual street frontage onto Colemans Road and Jamieson Way, enables full drive through capabilities.
CBRE’s David Aiello and Patrick Noone negotiated the off-market transaction on behalf of Chadwick Investments. The sale reflected a record land rate of circa $510 per square metre for Dandenong South.
Mr Aiello said the sale highlighted the diminishing supply of ‘ready to develop’ industrial land in Melbourne’s south eastern market.
“The record land rate achieved for a block this size is testament to the underlying demand to be in Dandenong South from industrial businesses distributing product within Metropolitan Melbourne.” Mr Noone also acknowledged “a distinct increase in the volume of sales since the announcement of the new intermodal hub which will be less than five minutes away.”
The transaction was one of seven for Chadwick Investments in the fourth quarter of 2020 – and leaves just one 24,000sqm lot remaining in its Colemans Road Industrial Estate.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.
