Dexus, an Australasian fully integrated real asset group has sold 30,170sqm of premium industrial land in Melbourne’s west to two owner-occupiers for $25.3 million.

Located at 20 Distribution Drive, the two lots neighbour national occupiers such as Coles, CUB, Toll and Secon Logistics, all located within the Dexus Industrial Estate.

Building materials company Mapei purchased a 19,940sqm lot and aluminum manufacturer Protector Aluminum purchased a 10,230sqm lot.

CBRE’s Tom Murphy, Harry Kalaitzis and Fergus Pragnell brokered the deals on behalf of Dexus.

“In uncertain economic conditions, many industrial businesses are performing strongly. Mapei and Protector Aluminum are examples of owner-occupiers whose trade is supporting the need to upgrade and upsize their industrial facilities,” Mr Murphy said.

Mr Kalaitzis added, “The sale prices set a benchmark of $840 per sqm for the respective 2ha and 1ha parcels, which is a great result for the industrial market given the current economic conditions. Melbourne’s west is still largely undersupplied for zoned industrial land and this transaction sets a precedent for zoned parcels of this size.”

The CBRE team is now selling a further three allotments totalling 1.3ha in Dexus’s Horizon 3023 Estate.

The three serviced and development-ready lots are in the centre of the estate with exposure to the Western Freeway in Ravenhall. Horizon is home to big brand name distribution centres including Amazon, Nike, Mitre 10, Myer, Elders and lululemon.