JLL has successfully brokered the off-market sale of a significant industrial property at 92 Carroll Road, Oakleigh South, Victoria.
The transaction, managed by JLL’s Stephen Adgemis and Jack Kelliher, underscores the resilience of the industrial property market, where strategic assets with flexible redevelopment potential continue to attract investor interest.
“With a total building area of 19,886sqm on a 40,468sqm land parcel, the asset’s low site coverage creates considerable potential for future development,” Mr Adgemis said.
“The asset demonstrates exceptional design and functionality with dual street frontages and multiple access points, numerous loading docks, and several on-grade doors.”
The site was acquired by HALE Capital Partners, who saw it as ideally suited for cold storage and plan to convert it into a 27,000sqm purpose-built cold storage facility in response to surging sector demand. The site will be redeveloped with the ability to split into four units with target completion in Q3 2026.
Originally conceived as a finished goods warehouse for Phillips Appliances and most recently owned and occupied by Synnex, the sale of the industrial-1 zoned property asset which features 2,889sqm of office space alongside 16,967sqm of warehouse space translates to a competitive building rate.
Synnex are among the latest occupiers to transition to a high-tech, automated facility, developing their new 30-metre-high warehouse in Oakleigh on a site purchased from German retailer Kaufland, who exited Australia in 2020 after a rapid $1 billion real estate acquisition for retail and distribution.
Mr Kelliher said the 92 Carroll Road sale reflected a growing investor focus on assets suited to cold storage, with national demand for temperature-controlled logistics space now exceeding 300,000sqm.
“Cold storage is one of the most undersupplied segments in the industrial market. Australia currently has just 0.4 cubic metres of cold storage capacity per capita, compared with over 0.6m³ in the UK and US, and up to 0.9m³ in parts of Europe,” he said.
Mr Kelliher said the transaction highlighted the robust demand for versatile industrial assets and the ongoing evolution of Melbourne’s industrial real estate market.
“The sale of 92 Carroll Road, Oakleigh South, reinforces the continued investor confidence in Melbourne’s industrial property sector, particularly for assets with strategic locations and redevelopment potential,” he said.
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