Melbourne

Record industrial land sale in Melbourne's north

A 1.492ha site adjoining Bunnings Warehouse on Dalton Road, Thomastown has sold for $7.08 million.

12 Jul 2018

A 1.492ha site adjoining Bunnings Warehouse on Dalton Road, Thomastown has sold for $7.08 million. 

The property, which offers frontage to Dalton Road, was sold with permit approval for a service station and 10-unit office warehouse development. 

CBRE’s Dean Hunt, Daniel Eramo, Daniel De Sanctis and Amanda Traficante, who managed the sale process, said the transaction highlighted the value of developable land within strong main road locations.

“Reflecting an industrial land sale rate of $474.50 per square metre, the sale campaign for 15 Dalton Road demonstrates the demand for quality land sites within Melbourne’s north amid a current supply shortfall,” Mr De Sanctis said. 

“We were able to achieve a premium price for the property as the approved plans and permits removed the risk of obtaining a DA and potential holding costs for the incoming purchaser.” 

The sale campaign attracted more than 100 enquiries, with the successful purchaser being a large-scale developer specialising in commercial/industrial development within Melbourne. 

Mr De Sanctis said Melbourne’s northern sub-market of Thomastown continued to attract strong tenant and owner occupier demand. 

“Thomastown has become a thriving, tightly held pocket with an excellent mix of large format retail, smaller industrial units and larger industrial occupiers. It is located on the border of the Metropolitan Ring Road and provides excellent access to public transport and major road networks.” 
 
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.

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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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.