Victorian State Government Sells Carrum Downs Industrial Development Site

The 2.7 hectare industrial site at 95 Colemans Road has a long 270 metre frontage to the Eastlink Freeway, due for completion next year. It was purchased by private developer Eliport Development Pty Ltd, which plans to subdivide and develop the site into warehouse/offices.

Crowders real estate director Michael Crowder, who sold the property with Richard Wraith, said the property sold at auction for $1.38 million over its reserve.

“The sale set a new record of $103 per square metre for englobo land (in the suburb),” said Mr Crowder. “The previous record was $80 per square metre.”

Englobo land is undeveloped land which has the potential for development. It includes land already plugged into the metropolitan power, water and gas supply and can typically be built on immediately.

Major developers in the suburb include FKP, which is developing the 32 hectare Eastlink Business Park at 100 Colemans Road. Elite Property Group and Lettieri Constructions own a further 50 hectares between them.

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Marc Pallisco

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

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