Owner occupier buys concreted Cheltenham industrial site

The Cheltenham site is about 18 kilometres south east of Melbourne.

An industrial property resembling an open air car park – paved where a building should stand and with structures on its periphery – has traded for $2.73 million.

The 3328 square metre rectangle shaped property, 69-71 Voltri Street, in Melbourne’s Cheltenham, is set to make way for a new building after selling to a local owner occupier.

The fully fenced site includes a lunch bar investment at its south east edge, returning annual rent of $24,250.

It also contains 520 sqm of warehousing on its northern boundary, part of which has been occupied by a panel repair shop (story continues below).

“This was a unique offering and the campaign generated strong interest from developers, investors and owner occupiers,” Crabtrees Real Estate’s Chris McKenzie and Rodney King said of the Industrial 1 zoned holding.

The result reflects a land rate of $820 per sqm, the agents added.

An owner occupier paid $2.73 million for the Cheltenham property marketed also to investors and builders as a development opportunity.
The industrial property includes 520 square metres of warehousing on its northern boundary.

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Marc Pallisco

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