CBRE has announced that GLJS Investments has sold a 11,931sqm Campbellfield allotment for $9,000,000, with the move described as capitalising on demand for industrial land in Melbourne’s north.
The parcel comprises three blocks of land at 54, 56 & 58 Metrolink Circuit. The individually titled and zoned sites were offered for sale individually or in one line, with all three snapped up by a private investor in a record-breaking deal.
CBRE’s Daniel Eramo, Joe Brzezek and Jake George brokered the sale following a highly competitive Expressions of Interest campaign.
The resultant sale price has set a new land rate record of $754 p/sqm for industrial zoned land in Campbellfield.
“Multiple bids were received during the sale campaign, highlighting the continued strong demand for industrial land throughout Melbourne’s northern suburbs,” Eramo said.
“This has resulted in land price growth in the order of 35-40% in the past 12 months,” he said.
He continued that in tandem, a diminishing supply of zoned and titled allotments through Melbourne’s middle northern belt has encouraged groups to now consider land speculation in future growth areas such as Craigieburn.
CBRE said that the purchaser of the Campbellfield site intends to owner occupy part of the land and develop the rest.
Source: CBRE Australia
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