Shovel ready Truganina development site sells for $10,250,000

7 December 2022

Plus Property Group has paid close to $10,250,000 for a vacant industrial site in Truganina amid continued demand for warehouse space in Melbourne’s west.

CBRE’s Lachlan MayRicardo CappellettiTom Murphy and Fergus Pragnell negotiated the sale of the 13,314sqm, 27 Pauljoseph Way land parcel, which is situated within Truganina’s sought-after Axiom Estate.

The titled and shovel ready property has been earmarked for a small unit development.

“The industrial vacancy level in Melbourne’s west is at a record low of 0.4%, which is driving interest in available opportunities,” Mr May said.

“Plus 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.”

The sale price for the Industrial 1 zoned land reflects a price of $775/sqm.

It is situated less than 1km from the freeway the on ramp and has an approved permit for a 7,440sqm warehouse.