Five industrial properties in one small pocket of Glen Waverley have sold in recent months, following a dearth of deals in the area in the past five years. This includes:

• 19 Aristoc Rd, Glen Waverley: A 1,119sqm industrial facility on 1,491sqm, sold for $3,817,000 with vacant possession to a local owner occupier who had missed out on several other opportunities in the area. Sold by Colliers.
• 39, 39a Myrtle Street: A 2,766sqm property sold for $5.4million to local occupier who owns multiple blocks in the street, on a land rate of $1,952/sqm. Sold by Colliers.
• 41 Myrtle Street: A 480sqm industrial facility on a 1,386sqm site, sold for $2.62million to a childcare operator on a land rate of $1,890/sqm and building rate of $5,458/sqm. Sold by Colliers.
• 43 Myrtle Street: 676sqm facility on 1,345sqm, sold for $2.75million to a landbanker, on a land rate of $2,044/sqm and a building rate of $4,068/sqm.
• 65 Myrtle Street: 500sqm facility on a 886sqm site, sold for $2.35million to an owner occupier who missed out on nearby property, on a land rate of $2,652/sqm and a building rate of $4,700/sqm. Sold by Colliers.

Colliers’ south-eastern industrial experts, Andrew Chrapot and Harry Larwill, who sold four of the five recent deals, have noted increasingly strong competition between owner occupiers and investors.

“Prior to the transaction of these properties, there had only been two industrial property sales in the area over the past five years, for standalone facilities,” Mr Chrapot said. “This is a traditionally tightly held market with limited vendors, so when properties do come to market, they are snapped up fiercely.

“The core fundamental of real estate is location. This location is in the epicentre of the eastern market, heavily underpinned by the strong surrounding amenities and arterials. When property becomes available in this kind of market, is does not last long.

“The high prices and demand for this kind of property has been driven by numerous factors including low interest rates; dwindling supply of 500sqm-3000sqm stand alone warehouses throughout the industrial sector; the increased number of owner occupuiers seeking to purchase their own facility without being part of a body corporate.”

Mr Larwill said the owner occupier market is driving a surge in prices post-Covid, with a lot of people and business linked to logistics, manufacturing and construction having booming business over the past 18 months.

“The City of Monash industrial pocket has been starved of opportunity as vacancy rates in the inner east sit at 0.6% for facilities between 1,000sqm and 3,000sqm,” he said.

To request a sales analysis please contact the selling agent via the below contact details.