Hicks buys west Melbourne depot

A Sunshine West investment leased to Crown Casino (outlined) sold in 2019.

Hicks Transport Group has paid $7.25 million for a small Sunshine West depot previously occupied by a rival.

The 6301 square metre site, 36-40 Strzelecki Avenue – 85 per cent of which is hardstand – will replace a property at nearby Laverton North.

Established in 1968 by late Brian and Lorna Hicks, the company also has Victorian bases at Cobram and Mooroopna (Shepparton) and in Sydney, at south west Yennora.

Colliers’ Anthony Ongarello, Ned Walmsley and Charlie Woodley brokered the Sunshine West deal; part of the Proximity Industrial Estate, 13 kilometres west of town, the asset was last occupied by Kinto.

“The property is designed for transport and logistics businesses featuring a 442 sqm awning, loading area and weigh bridge,” Mr Ongarello said.

“Demand for quality industrial assets in strategic locations keeps attracting a high number of enquiries,” Mr Walmsley added (story continues below).

“With consumption of industrial land being high, it is only natural that building supply will continue to be exceeded by demand,” he added.

Melbourne’s western suburb industrial vacancy rate has been less than three per cent for almost five years, according to the agent.

The Hicks deal comes four years since an investor outlaid $4.8m for a warehouse on 5602 sqm leased to Crown Casino.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.