Prime Melbourne industrial property achieves a record price per sqm

JLL Victoria has sold a strategic site in the sought-after heart of Mount Waverley’s industrial and commercial precinct.

JLL’s Lachlan Ferguson, Harry Larwill, and Stephen Adgemis sold the 11,776 sqm site at 8-12 Lionel Road for a record undisclosed land rate per sqm. The purchaser was a local owner-occupier.

The sale ends four generations of ownership by a Melbourne family that has held the property for 60 years.

“The sale at Mount Waverley generated an extremely competitive on-market expressions of interest campaign that showcased the continued strength of Melbourne’s eastern industrial market with multiple developers and occupiers vying for the asset,” said JLL Director, Industrial & Logistics – Vic, Mr Ferguson.

He said demand for well-located industrial property was confirmed by 80 inbound enquiries, 11 inspections and nine offers.

“We are sitting on more than $125m of capital ready to deploy for the right property,” Mr Ferguson said.

Senior Director of Logistics & Industrial at JLL, Mr Adgemis, said: “This rare offering was in a blue-chip precinct in Melbourne’s industrial and commercial landscape and it was rare to offer vacant possession in such a popular location.”

He said the site was zoned Special Use Zone 6 (SUZ6) in an area synonymous with last-mile logistics operations and life science activities.

“The site also sits between two diamond interchanges of the Monash Freeway and is in proximity to Blackburn Road and Forster Road, providing direct access to Melbourne’s arterial network and a large surrounding population base,” Mr Adgemis said.

Mr Larwill, added: “The property’s excellent location combined with vacant possession and deferred settlement options of up to 12 months made it attractive to both owner-occupiers seeking immediate occupation and developers looking to optimise their holding costs.”