Bidders push Eltham industrial site to $9.6m sale

Self-storage developer Impact Designer Homes beat strong competition to purchase a site in Eltham in Melbourne’s north east for $9.6 million. 

A dozen parties submitted offers for 25-31 Brisbane Street, Eltham, with the final sale price clearing the vendor’s reserve by more than $1m.  

The 6,571sqm site features two improvements totalling 4,731sqm, and occupies a corner block opposite Bunnings Eltham, near Eltham’s town centre and train station. 

CBRE’s Joe Brzezek, Sasan Misaghian and Alex Grima brokered the sale on behalf of the De Neefe family. 

“This is the first sale of a large-scale industrial site in Eltham for three years,” Mr Brzezek said. 

“We fielded more than 100 enquiries, including strong interest from owner occupiers, developers and self-storage industry participants. 

“The demand for infill industrial sites was further evidenced by the 12 offers that were submitted, with the purchase price ultimately more than $1 million above the vendor’s reserve.”