The 4,070sqm property, which is zoned Special Use - allowing both industrial and commercial development, attracted strong buyer interest culminating in five offers.
“Competitive market conditions have helped push the price past the vendor’s expectation and set a new land record for the precinct,” Mr Misaghian said.
“The property was purchased in 2015 for $1.35 million, so this was a fantastic result for the vendor that more than doubled his return.”
Mr Misaghian said the sale result highlighted the shortage of land and vacant possession buildings in Melbourne’s eastern industrial precinct.
“This is the first time in a number of years that we are seeing a shortage of opportunities, which is subsequently underpinning record land rates and substantial capital growth on industrial facilities sub $10 million,” Mr Misaghian said.
“Over the past few months, there have been a number of vacant possession buildings sold in the Monash precinct, specifically Clayton and Notting Hill, that have exceeded market expectations. This is mainly attributable to the limited opportunities on offer coupled with the low interest rate environment, which is fueling buyer conditions.”
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