The property includes a fully leased 4263-square-metre warehouse, which occupies a small part of the large site.
The site is next to a proposed arterial road connecting the Monash Freeway to the Princes Highway, running parallel to Springvale Road.
Colliers International director Rob Joyes marketed the property with Lynton Williams, but both declined to comment on the deal. A spokes-man for Australand also declined to comment.
Well-placed sources say Australand could be marketing purpose-built industrial facilities at the site before the end of the year. The outer south-eastern office and industrial markets have had strong growth in land value as a consequence of the building of the EastLink Freeway, which is due to open next year.