Press Release
Shovel ready Truganina development site sells for $10,250,000
Melbourne
December 7, 2022
Media Contact
Communications Director, Pacific
Plus Property Group has paid close to $10,250,000 for a vacant industrial site in Truganina amid continued demand for warehouse space in Melbourne’s west.
CBRE’s Lachlan May, Ricardo Cappelletti, Tom Murphy and Fergus Pragnell negotiated the sale of the 13,314sqm, 27 Pauljoseph Way land parcel, which is situated within Truganina’s sought-after Axiom Estate.
The titled and shovel ready property has been earmarked for a small unit development.
“The industrial vacancy level in Melbourne’s west is at a record low of 0.4%, which is driving interest in available opportunities,” Mr May said.
“Plus Property competed against an owner occupier to acquire the site, with a view to capitalising on strong forecast rental growth in Q4 next year when the proposed development will be completed.”
The sale price for the Industrial 1 zoned land reflects a price of $775/sqm.
It is situated less than 1km from the freeway the on ramp and has an approved permit for a 7,440sqm warehouse.
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 2024 revenue). The company has more than 140,000 employees (including 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 www.cbre.com.