The appetite for industrial and logistics sites in Victoria’s Truganina is staying keen with two recent sales pushing towards $20 million combined.
Australian developer Conrock bought a 7232sq m site at 40 National Drive for $5.6 million in the suburb, 22km west of the Melbourne CBD.
The site comes with planning permission for a 4500sq m warehouse.
CBRE’s Ricardo Cappelletti, Lachlan May, Fergus Pragnell and Tom Murphy managed the sale, with the sale again underlining demand is well and truly outstripping supply.
“With no existing buildings available to purchase within the required size range, we are seeing a wave of owner-occupiers looking to acquire quality land opportunities,” Cappelletti said.
“Multiple owner-occupiers and developers competed to secure the lot, and the location and the existing planning permit were major drawcards.”
Conrock plans to use the site to build a distribution centre. Distribution warehouses for high-profile brands including Target, Woolworths and The Reject Shop neighbour the site.
Meanwhile, Australian-based international freight and customs clearance company Success Logistics has acquired an office warehouse for $13.5 million in the suburb.
The 5061sq m site at 2B Dunmore Drive is in Truganina’s main industrial precinct—neighbouring tenants include Coles, Star Track, DHL and Lineage Logistics.
The site has a hardstand area and a 100m frontage to Dohertys Road.
CBRE’s Cappelletti, Pragnell and Murphy brokered that deal.
“The sale represents $2700 per square metre, a record rate for a facility of that size in Truganina,” Capelletti said.
“This is a testament to the market conditions and the replacement cost of the asset with rising land rates as well as construction costs.”
