The purchase includes a new two level office building totalling 625 square metres, about 580 square metres of warehouse space and parking for 26 cars.
Portpark Business Park is the second business park in the area being developed by Melbourne-based construction company CGA Bryson and benefits from being only a few hundred metres from the Todd Road onramp of the West Gate Freeway and the Western Link leg of Citylink.
Knight Frank selling agent Grant Pickford said the Port Melbourne industrial market is looking healthy, with more than 30,000 square metres of industrial space has been taken up in the suburb since March.
Recently, the Macquarie Bank Real Estate Equity Fund announced it would team with the McMullin Group to develop 880 Lorimer Street into the Lorimer Place business park, joining the toyotagreen business park being developed nearby.
CGA Bryson is also developing the Portpark Corporate Business Park in the area, which will include three 4-storey office buildings it will either sell or lease.