Commercial developer Wilmac has sold nine industrial units in Stage 1 of the Altona North industrial park for a total of $5 million in the past month, despite challenging market conditions. 

CBRE’s Cameron Giles, Lachlan May, and Matt Romanin negotiated the sales of the 21-25 Chambers Rd units, which range in size from 107-184sqm. A mix of owner occupiers and investors – predominantly SMSFs and mum & dad purchasers - secured the deals which highlight the continued demand for contemporary and modern warehousing. 

“Many macroeconomic factors have made it more challenging to transact smaller industrial units, especially off the plan units over the last six to12 months,” Mr Giles said.

“However, we are now starting to witness a resurgence of owner occupiers and investors in the market, with a clear focus on premium quality industrial assets in prime inner western locations such as Altona North.”

Mr Giles said the recent sales underscored the enduring appeal of property ownership for small to medium business owners in Melbourne’s west.

“Many occupiers in this space would still rather own their property than lease, with a flight to quality and immediate availability playing a key role in our success over the last month,” Mr Giles added.

Wilmac specialise in small unit industrial and commercial developments. With only one unit left in Stage 1 of the development Wilmac, along with builder C3 Construction, are on track to reach practical completion for Stage 2, comprising 26 units, by November this year. 

The Wilmac Altona North industrial park is next door to Millers Junction Business Park and Shopping Centre, also developed by Wilmac in joint venture with Charter Hall. Each office warehouse includes car parking on title, a kitchenette and bathroom amenities, and exceptional ceiling heights.

Wilmac’s CEO Chris Wilkins said, “The recent and rapid transactions of these flexible industrial spaces over the last month, in a tougher market than what we have been used to the last few years, is a testament to the strength and resilience of the industrial sector. These sales transactions prove that there is still a strong demand for these smaller industrial units, regardless of the broader economic conditions.”

Mr Giles noted that the persistent supply-demand imbalance for small, flexible industrial space was helping to drive up sale rates and rents for more desirable properties and regions.

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