A 13,214sqm site in Truganina with an existing planning permit has been listed for sale, giving developers an opportunity to capitalise on Melbourne’s dearth of available industrial space.
The serviced and titled lot at 27 Pauljoseph Way has an existing planning permit for a 7,440sqm warehouse and office development.
It arrives on the market with Victoria’s industrial vacancy rate sitting at less than 1% for 4,000sqm-plus facilities, with only two Prime- or Super Prime-grade assets currently available for lease in Melbourne’s west.
Occupier briefs in Western Melbourne account for 1,000,000sqm, but existing and new vacancy over the next 12 months only totals 600,000sqm.
Just off Robinsons Road, the Truganina site offers easy access to the Western Freeway and is 14km from the Port of Melbourne, 16km from Melbourne Airport and 17km from the CBD.
CBRE’s Fergus Pragnell, Tom Murphy and Ricardo Cappelletti have been appointed to manage the sale campaign.
“Western Melbourne is Victoria’s fastest-growing industrial market, and opportunities for occupiers and developers alike are scarcer than they’ve ever been,” Mr Pragnell said.
“Despite the changes we’re currently seeing around property fundamentals, governed by interest rates, there is still a lack of zoned land, which will not catch up to occupier demand.
“This shovel-ready site gives a developer the scope to develop a 7,000sqm facility in a well-connected estate, which would be highly sought after in the current leasing market.”