The circa 6 hectare parcel of six lots represented some of the last remaining Industrial 1 zoned land within Altona; a testament to its sales performance. Mr Charlie Buxton, Director of Cadence Property Group, said “the result exemplified the higher demand for land stock within the Inner Western Industrial Precinct relative to other industrial catchments across Melbourne.”
The release sits just 12kms from the CBD and Port of Melbourne with immediate connectivity due to proximity to the major arterial routes. The land also benefits from unrivalled retail and lifestyle opportunities with Altona’s Pier Street precinct just over 1km away.
Mr Buxton noted this played a big part in the success of the campaign. “The core fundamentals of scarcity of land, access to amenity and proximity to the Port of Melbourne have really stood out throughout the campaign. We’ve had solid demand for the properties from businesses who recognise the economic value of the location for their operation, particularly from transport and logistics groups” he said.
The lots were purchased by civil construction group Civilex/Conset, road construction contractors Elite Roads, 2 private operators and transport group Niche Logistics who opted to capitalise on the location purchasing and consolidating two of the lots into one.
The sellout success has been well timed for Cadence, with the recent release of Altona Logistics Park, and the imminent subdivision of Maid Stone Business Park. These further land offerings are both located within 1.5km of Aylesbury Drive and are sure to generate a demanding response from the market.