Owner occupier buys concreted Cheltenham industrial site
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.
