Warehouse sales set new benchmark for Melbourne’s inner west market - CBRE

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Nov 19, 2024

Warehouse sales set new benchmark for Melbourne’s inner west market - CBRE

Two premium freestanding office/warehouses at 14 Patch Circuit Laverton North sold for $20 million by CBRE’s Tom Murphy, Lachlan May, Cameron Giles and Fergus Pragnell.

CBRE

14 Patch Circuit Laverton North sold by CBRE

A private investor has secured two premium freestanding office/warehouses for $20 million in Melbourne’s inner west industrial hub of Laverton North.

Warehouses 1 and 2 are located at 14 Patch Circuit, the largest land parcel within Time & Place’s 70-lot industrial land subdivision development, The Junction. Each warehouse has 3,350sqm of gross lettable area, including a corporate office over two levels.

CBRE’s Tom Murphy, Lachlan May, Cameron Giles and Fergus Pragnell brokered the deal.

Mr Murphy noted the sale price set a new benchmark for warehouses of this size.

“This is a great result for the industrial market. Given the current economic conditions and uncertainty in the market, we are still seeing many industrial businesses performing strongly. Melbourne’s west is still largely undersupplied for zoned industrial land and this transaction sets a precedent for office warehouses of this size.”

Warehouse 1 was sold with a lease to the Australian Electoral Commission and warehouse 2 was sold with vacant possession. The sale occurred approximately four months prior to practical completion.