Sector Property Group has snapped up a $7 million Preston site for a The Base storage and micro warehouse complex.
The 6500 square metre parcel, 44 Albert Street, was offloaded by Point Property Group, which retains a similar sized block, next door.
Until about 10 years ago the plots accommodated Industrial Galvanizers, which relocated to Campbellfield.
The Sector property is opposite a residential zone and adjacent to HLT Oulton Reserve.
Director David Loakes said it fits the criteria for a The Base project – on flat land, close to major arterials and zoned to allow for multi-level storage and warehousing.
The former agent is also marketing Sector’s units.
The suburb is about nine kilometres north of Melbourne.
Last September, Gatsby Living chose a showroom at Preston Homemaker Centre for its maiden Australian store.
The Base projects are also at Mitcham, Point Cook, Ringwood and Yarraville (story continues below).
The Base Preston
“Preston is a vibrant, up-and-coming multicultural hub,” Mr Pane said.
“The proposed 44 Albert St development will fill a gap, given the current shortage of contemporary, missed-use commercial facilities in the area,” the executive added.
“Nearby developments of a similar calibre have enjoyed considerable success, highlighting the strength of buyer demand for this style of product.
“Interest in the Albert St project will be underpinned by the site’s desirable location…in close proximity to suburbs such as Kew, Ivanhoe, Northcote and Fairfield”.
Sector managing director David Loakes said “with the exodus from the city and more people choosing to live and work closer to home, there is now a ripple effect for the industrial sector with own-your-own storage and micro-warehousing feeling the boom”.
“On the flip side, businesses are also looking for more space with the move away from traditional strip shopping more to distribution focused retail makes these smaller warehouse opportunities more appealing from a business perspective,” according to the executive.
“Since the start of last year we have seen a spike in interest and we have had an active pipeline of projects…which have sold out.
“As downsizers bring forward retirement plans and head for the hills or coast and people are spending more time in their local areas the need for more room in paramount,” he added.