Four industrial lots in Hoppers Crossing change hands for $9.2 million

In a standout result for Melbourne’s industrial property market, four prime industrial lots at 55–59 and 71–73 Elm Park Drive, Hoppers Crossing have sold for a combined $9.2 million following a highly successful Expressions of Interest (EOI) campaign that concluded within just four weeks.

CBRE’s Cameron Giles and Lachlan May managed the EOI campaign and sale of the lots which had a total combined area of 10,510sqm.

The campaign attracted strong interest from both local and interstate buyers, ultimately resulting in a diverse mix of purchasers. Two lots were acquired by a local owner-occupier, while the remaining two were picked up by an interstate owner-occupier and a local developer, respectively.

Of the result, Mr Giles said, “These transactions are a clear demonstration that owner-occupiers and developers are continuing to buck the broader market trend. Despite elevated vacancy rates and economic headwinds across Melbourne’s industrial sector, we’re seeing strong demand from businesses looking to secure their own premises or purpose build a facility. The speed and strength of this campaign shows that well-located, functional industrial land lots remains highly sought after, especially through Hoppers Crossing which is one of the tightest industrial precincts in Melbourne.”

Mr. Giles noted several interested groups missed out on these final remaining land lots, with over $30 million worth of capital yet to be deployed into the market.

Mr May added, “In a market where speculative development has slowed and investor sentiment remains cautious; it’s the owner-occupiers who are driving momentum currently. They’re taking a long-term view, prioritising premium and final remaining land options. These transactions highlight the resilience of Melbourne’s western industrial corridor, particularly among users with operational and specific location needs.”

These sales come amid a challenging backdrop for industrial property in Melbourne.  CBRE research  shows vacancy rates have edged up to 4.1%, and net effective rents declined by 1.0% in Q2 2025. However, owner-occupier demand continues to provide a floor for land values, especially in strategic locations like Hoppers Crossing.