Colliers, in conjunction with Nichols Crowder, have listed one of the last Bayside industrial infill sites on behalf of the boutique property development and management company, Brix Property Group. Agents Sam Hibbins and Luke Lowden from Colliers and James Glen and Julian Vautin from Nichols Crowder expect this asset to attract interest in excess of $9 million.

Located at 252-258 Lower Dandenong Road, Mordialloc, the property features 8,302 sqm of freehold industrial land including a small existing warehouse. Offered as a going concern, the site is poised to enter its next phase, providing a unique opportunity for developers to construct a state-of-the-art boutique industrial estate.

The industrial 1 zoned site comes attached with a planning permit and development approval for a 25-unit industrial estate designed by renowned architects Watson Young. It will cater to both bayside residents and businesses seeking nearby office/warehouse space for storage and business operations.

Sam Hibbins, Colliers Industrial and Logistics Associate Director, comments: “252-258 Lower Dandenong Road, Mordialloc is an irreplaceable Bayside industrial development site made even more attractive by the attached development approval for a 25-unit industrial estate. This ensures significant cost and time savings for astute developers looking to capitalise on the strong demand for this type of product by local bayside residents and businesses,”

Mr Hibbins adds that Industrial building sale rates remained resilient over the past 12 months despite uncertain economic conditions. Now, with interest rates stabilising, it brings renewed confidence within the industrial market that sale rates will tick upwards again in 2024.

“Industrial leasing rates performed extremely strongly over the past 24 months. For warehouses sized 1,000sqm to 4,000sqm in Melbourne’s South East, we experienced an average 21% year-on-year increase of rental values in 2022 which was then backed up by a 10% increase in 2023. Over a 30% rise in rental values in two years was welcomed by developers and investors with further growth forecasted for 2024,” Mr Hibbins concluded.

252-258 Lower Dandenong Road, Mordialloc is being offered for sale by International Expressions of Interest closing Wednesday 15th of May, at 4 pm (AEST).