Former VicUrban development director, Michael King and Joe Cairns, via their 888 Property Group, have sold a 15.92 hectare Truganina industrial site for $39.96 million – or $251 per square metre.
The Palmers Road property is the second west Melbourne asset the group has recently divested; the other, 179 Palm Springs Road in Ravenhall collected a speculated $6m from Dexus in March.
“Within a market where supply for industrial land for sale extremely low, these two sales represent significant transactions setting new market rates for development land,” the brokers said.
“The demand from developers and owner occupiers continues to increase each quarter and the western industrial market offers end users with extremely well positioned logistics benefits,” they added (story continues below).
The 90 Palmers Rd property is zoned a mix of Industrial 2 and Industrial 3.
It is near a Kmart distribution centre which LOGOS acquired from US-based Invesco for $119m in 2018.
VicUrban is nowadays known as Places Victoria.
More to come.