A seventeen unit industrial development in Melbourne’s inner north has reaped the vendors almost $15M in resales as a combination of owner occupiers and investors secured the office and warehouse units off the plan, months ahead of completion.
Multispace Directors Nick Costin and Jamie Maher secured the 9,000sqm site almost 2 years ago for $4.3m. At the time the site contained an older style warehouse with a short term tenant providing $316,000 in annual income. Multispace identified the opportunity to redevelop the site into smaller scale office warehouse units and were quick to understand in these industrial developments, less is more.
The developer obtained approval in March 2020 to develop 17 small scale warehouses with building areas of 300sqm – 400sqm targeting prices of $2,700/sqm to $3,000/sqm to cater for small businesses servicing the northern growth corridors.
The project is due to be completed in April 2022. All units have now been sold.
When contacted about the sales, NSL Property Group Director, Guy Naselli said “‘Boutique’ and ‘Quality over Quantity’ are often used terms in Industrial developments but were certainly the key drivers for our purchasers on this development.”
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