Melbourne warehouse value lifts 71pc in four years

Ceramic group GNS paid $12.98 million off the plan for a Keysborough warehouse.

A mid-size Mordialloc warehouse which traded for $2.3 million in mid-2020 has quietly sold again for a speculated $3.95m – a 71 per cent lift.

The Tasman Court site which made way for GNS’ office/warehouse.

The result for 25 Hinkler Road (image, top, Google Street View) also came three weeks after the launch of a marketing campaign, according to sources, which add the buyer is an occupier looking to upsize.

Also today we are reporting lighting group WE-EF pre-committed to a 4600 sqm tenancy in Braeside – the suburb east of Mordialloc.

The deals come three weeks since Peter Sagar from LAWD, fresh from launching an industrial division with the surprise poaching of specialist Henry Sayers, sold Eildon Capital an 83.3ha commercial development site at Officer, 48 kilometres south east of Melbourne, for $62m.

Ceramics group GNS also outlaid $12.98m off the plan for an office/warehouse at Keysborough, abutting Braeside to the east.

Another Kingston deal

Mordialloc is 24km south of Melbourne’s CBD (story continues below).

Late last year, Mr Donut owners listed that business’ headquarters in the suburb, at 292-306 Lower Dandenong Rd, via Stonebridge.

Frasers Property Industrial has also in recent years been filling a Braeside business park with seven office/warehouses to, amongst other groups, Toll Global Express, DKSH, Gale Pacific, Ive Group and Puma.

In late 2022, food packaging manufacturer Caspak sold its office/warehouse in Bayswater, in the Knox municipality, with a leaseback.

The $11.15m result reflected a 4.37pc yield.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of