Vicinity offloads retail centre for $20 million


Vacant crossing

One of the last blocks in the Crossing Industrial Estate, at 38 Apex Drive, Truganina, has changed hands for more than $6 million.

The 7320 sq m site was purchased by a local owner-occupier, who will be adding value to the unimproved site by constructing a concrete hardstand before reassessing his business needs, with a view to possibly developing a purpose-built facility.

The deal was handled by Colliers agents Charlie Woodley, Anthony Ongarello, Stephen Ryan and Ned Walmsley. “The opportunity to acquire a vacant parcel of land saw numerous inquiries but, in the end, competition was fiercest from owner-occupiers, with an array of offers received,” Woodley said.

Melbourne’s western industrial market continues to stand out from other metro markets due to its proximity to the Port of Melbourne, Melbourne Airport and the CBD, he said.

Airport West demand

A warehouse and factory at 5-7 Webb Road, Airport West, has been sold at auction to a local investor for $3.05 million on a building rate of $3218 per sq m.

The site – home to Direct Pickets – returns $150,000 a year in rent. CVA’s Craig McKellar and Luca Angelico handled the deal.

“The sale is a testament to the desirability of the Airport West area and the strong demand for premium properties,” McKellar said.

1014 High Street, Armadale, sold at auction for $3.52 million.

Armadale retail surge

One of Melbourne’s prime retail strips passed its latest test when 1014 High Street, Armadale, was sold at auction for $3.52 million on a sharp 3.4 per cent yield.

Four bidders competed for the two-storey 140 sq m building – leased to Nimble Activewear – which is on 208 sq m of land with rear access and on-site parking.

Fitzroys’ Chris Kombi and Lewis Waddell handled the sale.

“This part of High Street has zero per cent vacancy and there is a number of local, national and international tenants looking for space in what has become one of Australia’s best-performing retail strips,” Waddell said.

Over the past 18 months, High Street has been challenging traditional titleholder Church Street, Brighton, for the reputation of Melbourne’s best retail strip.

According to Fitzroys’ new Walk the Strip report, vacancies in High Street fell from 5.1 per cent to 2.3 per cent in the past year – among the lowest of all Melbourne’s strips.

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