An opportunity to purchase a substantial and unrivalled infill site in one of Melbourne’s most sought after industrial precincts has hit the market.

Colliers’ Mitch Purcell, Nick O’Brien and Corey Vraca are marketing the property at 37-45 Potter Street Craigieburn for sale via an Expressions of Interest campaign closing Tuesday 16th August at 4pm. 

The property on offer covers a massive site of 21,529 square metres and is being offered for sale with vacant possession. There are number of warehousing structures and hardstand areas punctuated throughout the site.

Mr Mitch Purcell told The INDUSTRIALIST, “infill opportunities with development potential in Melbourne’s north are being increasingly rare proposition.”

“Craigieburn is a tightly held sub-market within the rapidly evolving Melbourne North industrial precinct, a market currently underpinned by gentrification in land values, occupier absorption and current rental growth validation.”

“This particular property has easy access to Melbourne International Airport, several major motorways including the Hume Highway and Hume Freeway while it is in close proximity to large residential catchments.”

“There is also the opportunity to capture significant rental growth that is accelerating rapidly in Melbourne’s industrial sector,” he said.”

Mr Nick O’Brien added, “the surrounding precinct is home to many major occupiers including Bunnings, Amazon, Honda and Bluestar Logistics.”

“The site provides the ideal location for major logistics occupiers servicing one of Melbourne’s most dynamic growth corridors whilst also capitalising on excellent connectivity to all major transport routes,” he said.

Mr Corey Vraca commented, “that Melbourne’s North industrial market has experienced significant gentrification over the last few years, as it continues to benefit from population growth, densification, infrastructure spending and investment demand.”

According to Colliers Research, for the previous 12-18 months, the broader North market, including sub-markets such as Craigieburn have exemplified land values at record levels, yield compression and diminishing vacancy rates.

“The North has long been renowned for being a tightly held and predominately private industrial market. While private investors and owner-occupiers’ still control 54% and 31% of buildings respectively, institutions are steadily increasing their presence.”

"Institutions have recognised the North as one of Melbourne’s growth corridors, and as an ‘untapped’ opportunity due to the high levels of private ownership. In addition, the market has been a significant benefactor of Victoria’s record-breaking infrastructure spends, with projects like the North-East link set to strengthen the market’s connectivity to the wider Melbourne market and consequentially its occupier appeal.

“Strong occupier sentiment towards the market, evident by record-breaking leasing take up and low vacancy rates are supporting the investment demand. In the last two years, the North has had the largest leasing take-up registered on record.

“Over 440,000 square metres of buildings above 3,000 square metres were leased in 2020, followed by over 330,000 square metres in 2021, well above the markets five-year average of 230,000 square metres.

“Furthermore, the North is on track to surpass record annual leasing take-up in 2022, having accounted for 420,000 square metres already prior to the conclusion of the second quarter.

“Melbourne’s core-north has been a focus for many occupiers, receiving significant levels of leasing enquiry and holding historically low vacancy rates, increasing investment sentiment in addition to an already competitive owner occupier market,” the research found.

To request a copy of the Information Memorandum please contact one of the marketing agents Colliers’ Mitch Purcell, Nick O’Brien and Corey Vraca via the contact details below.