Local developer Northgate Developments has purchased one of the last remaining vacant land parcels on O’Herns Road in Melbourne’s fast-changing suburb, Epping, 20km north of the CBD, in excess of $5 million.
Colliers’ selling agents, Corey Vraca and Mitch Purcell managed the sale of 181 O’Herns Road, Epping, in conjunction with Jones Real Estate agents Paul Jones and Tim Spargo via an expression of interest campaign that attracted eight formal offers.
Mr Spargo said, “The lack of supply hitting the market in Melbourne’s north, coupled with a strong demand for well-located industrial land sites with great connectivity to road arterials, were active contributors to the high land rate achieved at 181 O’Herns Road.”
Mr Vraca added, “Although the depth of buyers for land has reduced over the last 12 months, vacant sites supported by fundamentals such as key arterial access, high exposure and surrounding amenities are still being sought after by developers and investors.”
The 4,926 sqm vacant site has a permit in place for 11 strata units, which Northgate Development are planning on carrying out. The developer also purchased another vacant site in Epping in 2019, where six industrial units were constructed and sold prior to completion in 2022.
The sale represents the third vacant land sale on O’Herns Road transacted by Colliers within the last three months totalling 12,282 sqm.
Mr Vraca and Mr Purcell also managed the $2.2 million sale of a 2,040 sqm vacant parcel on 255 O’Herns Road, Epping, earlier this month, which a private investor purchased.
Mr Purcell said, “Buyers have been particularly drawn to O’Herns Road due to its main road offering, access to O’Herns Road Diamond Interchange and adjoining major commercial and retail development.”