victoria place time and place development colliers lease
Victoria Place was fully committed in half the average time for current market conditions. Image: Supplied.
  • A development site is expected to fetch over $17M.
  • Altona logistics facility acquired by local operator for $6M.
  • A Melburnian office has been fully committed in record time.

The latest in Australian real estate includes a diverse range of sales, leases, and listings activity, including an operator purchasing a facility just down the road, an office has been fully committed in half the average time for current market conditions, and a development site adjacent to Brookwater golf course has been listed for sale.

Melbourne logistics facility acquired for $6M

A local operator has acquired 47 Burns Road, Altona for $5.95 million. Fitzroys‘ Brent Glassford said the buyer is currently located in the same street, had been wanting to own their own property for some time, and jumped at the opportunity.

The 2,200 square metre (sqm) facility is situated on a 4,666 sqm site and comprises a high-clearance, clear-span warehouse of 2,000 sqm, a 200 sqm dual-level corporate office with staff amenities, and four on-grade roller shutter doors.

The campaign generated over 105 enquiries and received multiple offers.

“The functionality and location of the property were the huge drawcards here, making for an occupier’s dream,” said Glassford.

“The purchaser had a lot of competition – the property is a good size and offers front, side and rear access via multiple roller shutter doors, and is in a fantastic location close to the Princes Freeway, intermodal terminals and the major Western Ring Road and Westgate Freeway connector.”

Fitzroys’ Marco Sandrin added that Melbourne’s west continues to see historically high rental growth patterns amid a shortage of quality existing product and elevated demand from businesses looking for functional, well-located facilities.

“Investors were rightly confident they could quickly find a tenant and capture the rental uplift seen in the market,” said Sandrin.

Full commitment achieved for Victoria Place offices

The Victoria Place office, in East Melbourne, has seen full commitment within three months of practical completion.

Colliers‘ national director of office leasing, Travis Myerscough, said Victoria Place had been one of the most successful leasing campaigns in recent years, and is a testament to the quality of the building.

“Melbourne’s fringe is one of the strongest performing office markets we’ve recently seen in Australia, with a demonstrated appeal to blue chip organisations. Demand has been driven from both the CBD, with the likes of The Department of Education and Australia Post moving out and outer east occupiers, such as Adidas and PZ Cussons moving in,” said Myerscough.

Colliers Office Leasing secured multiple tenants, including the Cancer Council, The Centre for Eye Research Australia (CERA) and The Department of Education.

“The achievement of such a high calibre of customer mix speaks to the success of the future-focused design ethos embodied at Victoria Place,” said Time & Place founder and director, Tim Price.

“After acquiring the site in 2016 and receiving planning approval in late 2018, we’re proud to reach the completion of this project.

“We designed Victoria Place as a workplace for the future, but pre-Covid-19, and we’re pleased to say that it has held up against the changing demands of the corporate market that have followed.”

Brisbane industrial site hits the market

A 1.2-hectare industrial site in Rothwell has been listed for sale. Located at 457 and 461 Anzac Avenue, Colliers Queensland industrial executive, Josh O’Brien, said the site has specialised centre zoning.

Specialised centre zoning allows for the development of a large bulky retail goods showroom serving between 40,000 – 80,000 people.

Opportunities noted by Colliers included large format retail or a specialised medical precinct, to name a few commercial development options.

“Surrounded by some of Australia’s leading brands including Bunnings, Harvey Norman, and Woolworths, with 80 meters of street frontage and dual access, this is an opportunity to be part of the growth of this already buzzing precinct,” said O’Brien.

The expressions of interest campaign closes 31 August.

Springfield development site next to golf club listed for sale

A 4.62-hectare land parcel next to Brookwater golf course has come to market, with Knight Frank‘s Christian Sandstrom and Blake Goddard managing the expressions of interest campaign.

The development site is subdivided into three lots at Lot 1 Magnolia Drive and 7002 and 7003 Tournament Drive in Brookwater, west of Brisbane.

Currently, there are approvals for 42 low-medium residential sites on one lot, while another lot is approved for a hotel and commercial component. A recreational facility is proposed for the third lot.

The property is expected to sell in excess of $17 million.

“We anticipate strong interest from developers looking to build a truly integrated lifestyle development targeting a demographic of over 50s and taking advantage of the proximity to the Brookwater golf course and club facilities,” said Sandstrom.

The campaign closes on 7 September.

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