CONFIDENCE amongst developers, owner occupiers and private investors are improving in Melbourne's western suburbs industrial property market.
Savills Victorian industrial director Tim Casalenia said this is reflected in the sale of $12 million worth of serviced land since November last year at just one industrial precinct, Leighton’s WestLink Business Park.
Casalenia and Chris Telley have negotiated the sale of more than 20 lots at WestLink Business Park at a per sqm rate up to $175.
Casanelia said the sales rate had surprised even the most optimistic players in the market.
“It’s really been an extraordinary couple of months, with buyers almost jockeying for position for these lots, especially when you consider we have just come out of a downturn
“Land sales are probably the best barometer of the market’s fortunes. When land is not selling the market is not well, but when it starts to sell again it’s a very good indicator that the economy has turned, especially given that the industrial sector is probably the last to recover,” he added.
“The difference in this case is that the sales have pretty much been about the one estate with 24 of 39 lots sold in the first two stages of the development reflecting its prime position in a most sought after location.
“The fact that the lots have attracted developers, owner-occupiers and private investors says a lot about the inherent industrial property values of the development,” Casanelia said.
Located on the corner of the Western Highway and Christie’s Rd at Ravenhall and about 20kms from Melbourne CBD, the estate has adjacent access to exit and entry ramps to the new Deer Park Bypass providing immediate access to the Western Ring Road and traffic light free access to the CBD, ports, airports and the Hume Freeway.
Telley said purchasers had also been attracted by the fact that allotments were fully serviced and sold with planning permits, which potentially saves purchasers considerable time and expense.
Australian Property Journal
