An interstate building product supplier has paid $8.1 million for a 1.6 hectare site at Chadwick Investments’ Colemans Road Industrial Estate, at Dandenong South.
The buyer intends to build an 8000 square metre office/warehouse to occupy as its headquarters.
The acquisition values every sqm of land at $510 – which marketing agency CBRE said is a suburb record for a comparable block (its research priced average land for smaller sites at a higher rate two years ago).
Lot 6, 91 Colemans Road also fronts Jamieson Way.
Colemans Road Industrial Estate is taking shape on a 25ha former quarry.
It contains an Aldi distribution centre which that occupier sold to Charter Hall last year.
The suburb is about 31 kilometres south east of Melbourne (story continues below).
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“The record land rate achieved for a block this size is testament to the underlying demand to be in Dandenong South from industrial businesses distributing product within metropolitan Melbourne,” selling agent David Aiello said.
Colleague Patrick Noone added there has been “a distinct increase in the volume of sales since the announcement of the new intermodal hub, which will be less than five minutes away”.
Chadwick sold seven lots sales at the estate last quarter.
It has one block left.