Plus Property Group has paid close to $10,250,000 for a vacant industrial site in Truganina amid continued demand for warehouse space in Melbourneβs west.
CBREβsΒ Lachlan May,Β Ricardo Cappelletti,Β TomΒ MurphyΒ andΒ FergusΒ PragnellΒ negotiated theΒ sale of theΒ 13,314sqm,Β 27Β PauljosephΒ WayΒ landΒ parcel, which is situated within Truganinaβs sought-after Axiom Estate.
The titled and shovel ready property has been earmarked for a small unit development.
βThe industrial vacancy level in Melbourneβs west is at a record low of 0.4%, which is driving interest in available opportunities,β Mr May said.
βPlus Property competed against an owner occupier to acquire the site, with a view to capitalising on strong forecast rental growth in Q4 next year when the proposed development will be completed.β
The sale price for the Industrial 1 zoned land reflects a price of $775/sqm.
It is situated less than 1km fromΒ the freeway the on rampΒ and has anΒ approved permit forΒ aΒ 7,440sqm warehouse.