Tullamarine Industrial Site Sale Exceeds Vendors Expectations

Industrial Containers, manufacturers of equipment for the waste collection industry, has sold their Tullamarine industrial property to Australian-based cleaning services company Ikon Services for $9.4 million.

Located at 39 Tullamarine Park Road, the 8,531sqm site has been occupied by Industrial Containers for 35 years.

The sale price translates to $1,101/sqm - one of the highest rates achieved in the area this year for industrial land of this size.

CBRE’s Jake George and Joe Brzezek brokered the sale on behalf of Industrial Containers, with Anthony Carbone of AC Capital & Advisory representing the purchaser.

“With vacancy rates at historic lows, the site attracted strong interest from five owner occupiers. The  property’s main road exposure, low site coverage, and ability to purchase the site with vacant possession helped drive the strong sale result, which  far exceeded the vendor’s expectations,” Mr George said.

The property includes an existing building of 1,985sqm and has future development potential, subject to the relevant planning approvals.