A local operator has pounced at the opportunity to buy their own premises after a highly- functional logistics facility on the same well-located street was put on the market.

The $5.95 million sale of 47 Burns Road, Altona was negotiated by Fitzroys’ Brent Glassford and Marco Sandrin, who generated over 105 enquiries during the campaign and received multiple offers.

The highly-functional 2,200sqm facility comprises a high-clearance, clear-span warehouse of 2,000sqm, a 200sqm dual-level corporate office with staff amenities, and four on-grade roller shutter doors. It is on a 4,666sqm site with a large concrete hardstand at the rear, on- site parking at the front and rear, and an automated security gate.

The property is just moments from the Kororoit Creek Road and Princes Freeway diamond interchange, and three kilometres to a major freeway connector, providing a gateway to Melbourne’s CBD, north and east.

“The functionality and location of the property were the huge drawcards here, making for an occupier’s dream,” Glassford said.

He said the buyer is currently located in the same street who had been wanting to own their own property for some time and jumped at the opportunity.

“The purchaser had a lot of competition - the property is a good size and offers front, side and rear access via multiple roller shutter doors, and is in a fantastic location close to the Princes Freeway, intermodal terminals and the major Western Ring Road and Westgate Freeway connector.

“The location is clearly a winner given the purchaser wanted to remain in the same street. Strong interest and offers from owner-occupiers during a campaign always provide a good bellwether of the fundamentals of a property.”

Sandrin said strong interest also came from investors looking to capitalise on the ongoing rent growth story in Melbourne’s western industrial market.

“Melbourne’s west continues to see historically high rental growth patterns amid a shortage of quality existing product and elevated demand from businesses looking for functional, well-located facilities. Investors were rightly confident they could quickly find a tenant and capture the rental uplift seen in the market.”

Sandrin added, “Values for these types of properties in Melbourne’s western industrial market continue to hold firm as a result of the competition between both investors and owner-occupiers. The depth of buyers is making for consistently competitive campaigns.”