Blackwood Downs Sells Altona Warehouse For $5.4 Million

An undeveloped and unleased industrial facility by the beach has sold to a private investor for $5.4 million.

Melbourne-based developer Blackwood Downs has sold a 6,000 square metre, double storey office warehouse building at Lot 7 Burns Road, Altona, south-west of Melbourne.

The sale price equates to a rate per square metre of almost $900, according to Knight Frank selling agent Andrew Macqueen. He says the sale price highlights the strength of the industrial market for quality properties, even in the current economic conditions.

Industrial vacancy levels in Melbourne’s west are at a low 4 per cent, according to Knight Frank. However the precinct is undergoing a building boom with about 626,000 square metres of space – about 42 per cent of the metropolitan total - expected to be built in the west the end of this year.

The western suburb industrial market includes Altona North, Brooklyn, Derrimut, Laverton North and Truganina.

Blackwood Downs is developing another industrial project in Sunshine West, also west of the CBD and near the junction of the West Gate Freeway, Western Ring Road and Princes Freeway. Warehouses in this development will be much smaller, between 1,200 square metres and 1,800 square metres.

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