An industrial freehold in one of north Melbourne’s most sought-after industrial precincts has sold at auction for $5,175,000, a record rate per sqm for an industrial asset in the suburb of Campbellfield.

The property, set on 1,796 sqm of building area at 107 Metrolink Circuit in Campbellfield, comprises a modern concrete tilt-panel standalone warehouse and two-level partitioned office and represented an excellent opportunity to secure a prime industrial 1 zoned asset in the coveted northern industrial precinct.

The team at Savills Australia and New Zealand brokered the sale, recording over 50 enquiries on the property from owner occupiers and investors alike.

Arthur Vainbrant, Associate Director, Industrial at Savills said the strong interest and number of bidders on auction day shows demand for industrial assets in Melbourne’s northern industrial market remains robust.

“With supply levels for vacant possession buildings, and quality assets, generally, in Melbourne’s north still very low, this result shows there’s clearly still the appetite in market for good industrial product,” Mr Vainbrant said.

Anthony Cannizzaro, Director, Industrial at Savills agreed, saying it was no surprise the auction for this property was highly competitive.

“From its convenient location within the in-demand Metrolink Estate with access to all major arterials, the standalone, vacant warehouse with clear span, plenty of parking and on-site hardstand for truck manoeuvrability, this property represented a scarce opportunity for an owner looking to secure a rare industrial asset of this kind in the current market.”

The price achieved reflects a record rate of $2,881 per sqm across the building area, far and away the highest rate achieved for a building of this size in Campbellfield. Previous record highs were recorded between circa $2200-2400 per sqm reflecting a substantial uplift with this recent sale.

To request a sales analysis please contact the selling agents Arthur Vainbrant and Anthony Cannizzaro of Savills via the below contact details.