News

Strong Bidding For Perfectly Positioned Office/Warehouse

Posted on 09th June 2022

The demand for main road locations and high accessibility of industrial properties was on display as four bidders competed for a Keilor Road warehouse close to Melbourne’s major arterials.

Fitzroys’ Marco Sandrin and Brent Glassford sold 563 Keilor Road, Niddrie on behalf of the previous owner-occupier automotive business for $2.405 million, at a high building rate of $5,465 per sqm.

The 440sqm office and clear span warehouse is on a 668sqm site zoned Industrial 3 with on-site parking, on high-profile Keilor Road.

It was offered with vacant possession and sold to another owner-occupier in the automotive industry.

“We had particularly strong enquiry from owner-occupiers, particularly those in the automotive, building and construction, storage industries, looking for a high-exposure main road location with excellent accessibility,” Sandrin said.

The property offers immediate access to the Calder Freeway and other major road arterial networks including the M80 Ring Road, Hume Freeway and Tullamarine Freeway.

“Investors were also prominent in the enquiry given the strong likelihood of finding a quality tenant, demonstrated in the obvious demand from businesses in the property,” Sandrin said.

Glassford said the interest during the campaign was ultimately reflected heated competition between four bidders at auction.

“There remains a severe stock shortage in the market and vacancies are at historic lows. Campaigns for well-located, high-exposure properties - particularly those with vacant possession - are ultra-competitive.”