A brand-new office warehouse at 16 Northpoint Drive in Melbourne North, Epping has transacted for $7.1 million in a deal facilitated by Colliers and CBRE on behalf of Impact Designer Homes. 

The 2,132 sqm property was purchased by national tool wholesaler and distributor Industrial Tools & Machinery (ITM), which will more than double its footprint within Melbourne after relocating from its current facility in Campbellfield. ITM also has operations in Perth and Brisbane. 

Corey Vraca, Colliers Associate Director for Melbourne North West, said, "The property's ideal location within the heart of Epping's sought-after industrial and logistics precinct made it highly attractive for several users. It offers immediate access and transport linkages to Edgars Road, Hume Freeway, Cooper Street, and O'Herns Road."

Mitch Purcell, Associate Director for Melbourne North West, added, "The successful sale rate of $3,300/sqm sets a new benchmark for the precinct for buildings larger than 2,000 sqm. This transaction demonstrates the strong demand for quality assets within the precinct."

The asset attracted significant interest due to its strategic location and high build quality, which further supports the trend of strong interest and demand for quality and newer facilities, especially within well-established industrial areas with various amenities. 

"We are continuing to experience strong demand for quality, with many occupiers preferring functional and well-positioned assets," said Mr Vraca.

Mr Purcell noted, "Lack of development in neighbouring core markets conducive to owner-occupiers means Epping continues to see the migration of owner-occupiers seeking brand-new facilities within an exceptionally well-connected estate, supported by road networks and amenities."

16 Northpoint Drive also benefits from its proximity to the Melbourne Fruit & Vegetable Wholesale Market, Mantra Hotel, Northern Hospital, Epping Plaza Shopping Centre, and growing residential catchments.

*All measurements are approximate.

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