Two Truganina serviced industrial-zoned blocks have sold to owner-occupiers for a combined sale price of $12 million.
Located at 44 and 52 National Drive, the two blocks are the final undeveloped lots on the street and are in close proximity to Goodman Group owned warehouses, Charter Hall’s Core West Estate and Aliro’s super-prime facilities.
CBRE’s Lachlan May, Cameron Giles, Fergus Pragnell and Tom Murphy brokered the deals on behalf of the private vendors.
Steel and aluminium fencing company Triple Star Fencing purchased a 7,232sqm block at 44 National Drive for $6,090,000 and plasterboard and external cladding specialists BoardPro purchased a 7,241sqm block for $5,980,000.
“Interestingly, both sites were sold by vendors who had originally purchased the land to owner-occupy but decided to sell having seen uplift in land values,” Mr. Giles said.
“We are seeing a trend where owner-occupiers are active in purchasing titled land in Melbourne’s West while developers are preferring to purchase land ‘off the plan’ with a 12-24-month settlement timeframe.”
Mr. May added, “Developers are faced with higher land prices, increasing holding costs and elevated construction costs. For those reasons, developers are being outpaced by owner-occupiers. With the lack of new speculative development, we think this may cause another building supply shortage by 2025 with similar record low vacancy levels as seen in Q1 2023 in Melbourne’s west.”
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