Colliers has secured another successful sale of a prime vacant industrial allotment in Epping’s highly sought-after industrial pocket, just 20 kilometres northwest of Melbourne’s CBD.
Colliers’ Corey Vraca and Mitch Purcell managed the sale of 69 Trafalgar Road, Epping, through an off-market campaign that attracted several offers from developers and owner-occupiers.
Colliers Manager Corey Vraca said the allotment, situated within the Alliance Business Park, was purchased by an owner-occupier for $3 million, representing a land rate of $1,096 per sqm. “The buyer plans to construct a purpose build facility on the 2,737sqm site to expand their footprint within the northern industrial market.
“The buyer was attracted to the site due to its connection to major road arterials and the fact that the site was titled and available for immediate activation, which given the tight vacancy, allowed the buyer to commence planning for their new facility right away,” said Mr Vraca.
Within the past 12 months, Colliers has secured nine out of the last 15 titled vacant lots within Epping at a combined land area of 28,892sqm. The northern pocket of Melbourne presents a strategic position for various businesses due to the immediate access to several transport linkages and its proximity to Epping Plaza Shopping Centre, Northern Hospital, Mantra Hotel and rapidly growing residential catchments.
“Well-located industrial assets with access to excelled transport linkages and established amenity continues to transact at strong levels despite the current economic climate with rising interest rates,” said Mr Purcell.
“The limited amount of available land in Melbourne’s northern industrial market is also driving the strong interest we are currently experiencing and why well-located development-ready parcels, close to main roads, are being snapped up quickly,” Mr Purcell concluded.