Colliers transacts low coverage industrial development opportunity for $4.1 million

Colliers’ Fraser Pearce, Sam Hibbins and Luke Lowden have transacted a prime 3,965sqm industrial site in Melbourne’s south-eastern industrial market, Hallam, secured by a local owner-occupier for $4,100,000, representing a strong land rate of $1,034/sqm.

The low site-coverage offering at 73 Star Crescent, currently comprises of a 360sqm functional warehouse/office with crushed rock yard, located within the heart of Hallam’s industrial precinct and presented as a blank canvas opportunity for either developers or owner occupiers.

“The asset presented as a rare opportunity to acquire a prime land holding in a tightly held, core industrial location within the southeast, which led to a competitive campaign with over 60 inbound enquiries, yielding six formal offers,” explained Fraser Pearce, Colliers’ Industrial Manager.

The purchaser will utilise the existing site improvements and yard space and will re-position the property in the long term as the business expands.

The Hallam manufacturing and logistics precinct is located just 40km from Melbourne’s CBD, offering excellent access and connectivity to Monash Freeway (M1), South Gippsland Freeway, Princes Highway and EastLink (M3), as well as proximity to public transport.