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Large Preston industrial site sells for record land rate

Property Markets / Transactions

Australia / Sydney

Mar 06 2018

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Point Property Group has acquired a vacant industrial land parcel at Preston for $8,610,000 – representing a record land rate for the suburb of $633 per square metre.

CBRE’s Dean Hunt, Daniel Eramo and Guy Naselli sold the 28-44 Albert Street property to Point Property Group following a highly competitive Expressions of Interest campaign.

Point Property Group has earmarked the 13,590sqm, Industrial 3 Zone property for a high tech business park.

CBRE Senior Director, Dean Hunt said Melbourne’s strong population growth was driving the gentrification of inner suburbs such as Fitzroy, Clifton Hill and Fairfield and spurring the requirement for new amenity and commercial services in areas such as Preston.

“With development sites becoming harder to identify, brownfield sites that would typically have been used for low density purposes are becoming prime targets for conversion,” Mr Hunt said.

“While the zonings across these older industrial sites vary, if the property remains in an industrial zone there is still latitude for various uses subject to permit approval, including high tech industrial, large format retail, commercial and service industry.”

Mr Eramo said the Preston property’s flexible use in a key growth location had underpinned strong developer interest throughout the campaign.

“With portions of Preston’s industrial sector identified for gentrification, and east of Albert Street remaining a key employment hub, the property represented an outstanding opportunity to capitalise on the area’s continued growth,” Mr Eramo explained.

“There has been a significant uplift in property values in Melbourne’s fringe – spurred by increased demand from occupiers and investors seeking space in these areas. The appeal of this location to purchasers has been its proximity to the CBD, as well as surrounding business precincts, road infrastructure, the local workforce and public transport.”



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