Colliers is pleased to announce the successful off-market sale of  79 Keilor Park Drive, a premier industrial property located in Melbourne’s Keilor Park. The transaction, managed by Colliers agents Mitch Purcell, Corey Vraca, and Nick O’Brien, highlights the  continued strong demand for high-quality industrial sites in Melbourne's inner north precinct. 

Colliers Industrial Associate Director, Mitch Purcell, commented, "This significant transaction  underscores the continued demand for high-quality industrial sites within the inner north precinct." 

The property was sold for a price exceeding $12,500,000 and represents one of the last large vacant  allotments in the Keilor Park area. Covering an expansive 9,368 square metres, the site features an  impressive 99-metre frontage to Keilor Park Drive, offering exceptional visibility and accessibility. 

Situated adjacent to MAB Corporation’s $300 million TransLink Business Park, the property benefits  from connectivity to major arterial roads, including the Calder Freeway and Western Ring Road.

Additionally, its proximity to a well-established residential catchment further enhances its strategic  value, positioning it as an ideal location for the development of a high-end collection of industrial  units. 

Mr Purcell added, “Melbourne's North has approximately 937 hectares of active land supply  remaining in the current market, with core and outer North sub-markets such as Tullamarine,  Epping, Craigieburn and Mickleham accounting for most of the current active supply.” 

"Due to significant levels of yield compression and strong demand from institutional groups, land  values in Melbourne's North have surged, with a remarkable 75 per cent increase recorded year on  year to 2022. This highlights the robust investment potential and growth trajectory within the  region,” explained, Corey Vraca, Colliers Industrial Associate Director.  

Nick O’Brien, Colliers Industrial National Director, noted, "Land values in Melbourne's North  submarket have effectively doubled over the past 18 months for lots ranging between one to five  hectare lots, reflecting the exceptional demand and investor confidence."