NEWS

Lack of competing stock drives Fishermans Bend industrial sale prices skyward

Amidst the ongoing transformation of the Fishermans Bend Precinct lies an opportunity for vendors to capitalise on record land sales.

Vendors are expected to take advantage of the current lack of properties to purchase in the Port Melbourne industrial precinct of Fishermans Bend, according to Colliers International’s Lachlan Dornauf.

“The City Fringe industrial market has been undergoing a continued transformation for many years now and the last six months have been no different,” Mr Dornauf said. “The rezoning of much of Port Melbourne (Fishermans Bend) to Capital City Zone has not only changed the usage of the sites within that zone, but also in the surrounding areas of Port Melbourne that are still available for industrial use."

Mr Dornauf said the precinct had recently attracted keen interest from owner-occupiers seeking direct access to Citylink, the Westgate Freeway and the Melbourne CBD with future development upside seen as a major bonus.

“The inevitable increase in land tax in conjunction with amplified rental rates loom as the driving factors behind manufacturer relocation from Port Melbourne to Footscray and surrounding suburbs,” he said. “Recent rental transactions suggest high-tech logistical occupiers are filling the vacancy void left by manufacturers."

Mr Dornauf noted an influx of small business owners in the precinct approaching the Port Phillip City Council and Colliers International to begin initial investigations into their respective development opportunities.

“We saw an opportunity to provide in-depth analysis of our vision for the Fishermans Bend Urban Renewal,” he said. “Through ongoing consultation with the Department of Environment, Land, Water and Planning and the Fishermans Bend Urban Renewal Taskforce, Colliers International were invited to participate in a discussion panel targeting owners in the region."

Held on June 30th at Zinc in Federation Square, the Fishermans Bend Vision Public Conversation: Big Ideas, New Frontiers encompassed an open discussion between panel members including the Director of City Planning, Professor Rob Adams and Colliers National Director of Research, Anneke Thompson.

“We believe the conversation, attended by approximately 250 invited guests was the first step in eliminating the “grey area” associated with development opportunities for owners and purchasers in the Fishermans Bend Precinct” Mr Dornauf said.

For more information, contact Lachlan Dornauf on 0437 957 787.

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