Owner-occupiers continue to be particularly active in Melbourne’s industrial sales market at a time of ongoing stock shortage.
Fitzroys’ Brent Glassford and Marco Sandrin sold 26 Swanston Street, Preston for $1.35 million at a highly competitive auction fought between four bidders.
An adjoining owner looking at expansion snapped up the facility, winning out from other local owner-occupiers and investors.
“Industrial stock availability across Melbourne remains at historic lows. Owner-occupiers are particularly prominent in the market and are adding huge depth to the competitiveness of campaigns for vacant, well-located properties,” Glassford said.
“The neighbouring owner was looking at expansion and this property presented the ideal opportunity to facilitate that, rather than going into an incredibly tight leasing market that is seeing historically low vacancies.”
The 400sqm office and warehouse was offered with vacant possession and includes a 135sqm mezzanine and four on-site parking spaces, and is zoned Industrial 3. It is positioned moments from Bell Street, providing easy access to major road arterial linkages and a variety of amenity including Northland Shopping Centre.
Sandrin said owner-occupiers have been busy in the industrial market across Melbourne. Glassford and Sandrin recently sold a mechanics’ workshop at 563 Keilor Road, Niddrie to an owner-occupier automotive business for $2.405 million, while a next-door neighbour jumped at the chance to add to their Braeside landholding in a $1.62 million sale with plans owner occupy and potentially value add.