A neighbouring owner has won out from investors and owner occupiers clamouring for a versatile Braeside warehouse facility.
Fitzroys’ Brent Glassford, Marco Sandrin and Chris Kombi sold 31 Jarrah Drive for $1.62 million under the hammer after a campaign that more than 80 enquiries and which saw 12 registered bidders at the auction.
The sale marked the first time in 33 years that the property had changed hands.
The vacant 430sqm facility is fitted with a food production area is on a 1,001sqm site with a combined corner frontage of 66 metres and ample on-site parking.
“The breadth and depth of enquiry reflected the rarity of this opportunity to acquire an affordable and versatile warehouse in the heart of Bayside’s most highly-regarded and tightly-held industrial precinct,” he said.
“The functional property was perfectly suited suited to owner-occupiers and investors, while the low site coverage was attractive for those looking to value add.
He said the property sold to a next-door neighbour, who jumped at the chance to add to their landholding in this prized precinct and will look to owner occupy and potentially value add.
The sale price reflected a high building rate of $2,815 per sqm.
Sandrin said highly-accessible properties continue to attract strong interest across all sectors of the industrial market.
“Accessibility and connectivity are front-of-mind for investors, owner-occupiers and value-add players alike, at a time in which logistics are increasingly important for all businesses and operators.”