Keys Rd industrial sells on huge $1212sqm rate

A local developer has paid $2.9 million for a Moorabbin industrial property following an Expressions of Interest campaign, through Teska Carson, which attracted 115 enquiries and six formal offers.

According to Director George Takis, who brokered the deal, the purchaser has plans to redevelop the half acre (2393sqm) site which currently hosts an older style 1500 square metre industrial facility. 

Sold with vacant possession at the huge land rate of $1212 a square metre, the 57 Keys Road property also offered frontage of over 30 metres to Keys Road, usable warehouse/storage and office facilities suitable for multiple uses, as well as easy access to several arterial roads.

Mr Takis said the current demand for industrial properties of all types was extraordinary.

“The phone has been literally ringing off the hook for any opportunities in this space and this property was no exception.

“What particularly attracted buyers’ attention here was the location in a very well established and sought after industrial precinct, above average access to key arterials, and the substantial site which provided a number of redevelopment options, including multi-unit development,’’ Mr Takis said.

The vendor was a Melbourne based investor.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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