- A building product specialist purchased the site from Chadwick Investments.
- The site will be used as a production and distribution headquarters.
- CBRE negotiated the off-market transaction on behalf of the investment firm.
An interstate owner-occupier has expanded its footprint in the Melbourne market after purchasing a 1.6-hectare site in Dandenong South to develop its newest facility.
A building product specialist plans to develop a state-of-the-art facility spanning 8,000 sqm on the property, situated at Lot 6, 91 Colemans Road. Upon completion, the facility will be used as its new Melbourne headquarters for production and distribution.
The site, which boasts dual street frontage onto Colemans Road and Jamieson Way, enables full drive-through capabilities.
CBRE’s David Aiello and Patrick Noone negotiated the off-market transaction on behalf of Chadwick Investments. The sale reflected a record land rate of circa $510 per square metre for Dandenong South.
Mr Aiello said the sale highlighted the diminishing supply of ‘ready to develop’ industrial land in Melbourne’s south eastern market.
“The record land rate achieved for a block this size is testament to the underlying demand to be in Dandenong South from industrial businesses distributing product within Metropolitan Melbourne.”
Mr Noone also acknowledged “a distinct increase in the volume of sales since the announcement of the new intermodal hub which will be less than five minutes away.”
The transaction was one of seven for Chadwick Investments in the fourth quarter of 2021 – and leaves just one 24,000sqm lot remaining in its Colemans Road Industrial Estate.
