Colliers International sells out more than 50 per cent of strata office-warehouse development
Sandwich restaurant chain Subway will establish its eastern seaboard training facility in Melbourne’s outer-east, securing 278sqm at the Industria Knoxfield strata office-warehouse development.
It joins other food and beverage businesses, trade services like Jim’s Mowing, a bike manufacturer and a spice maker among the other owner-occupiers in the new commercial estate.
The $625,000 deal pushes the project to more than 50 per cent sold. With only three units available, stage two is almost sold out, pushing stage three to launch ahead of schedule.
Colliers International’s Andrew Chrapot and Jonathan Mercuri are marketing the project in conjunction with Crabtrees Real Estate’s Chris McKenzie, Luke Pitcher and Megan Miles.
Mr Chrapot said a surge in demand from local owner-occupiers and investors had fuelled demand ahead of July 1, when the stamp duty legislation will cease for off-market sales.
“Since the changes to off-the-plan stamp duty savings have been announced, which will be enacted at the start of the new financial year, there has been a splurge in transactions,” he said. “Buyers are trying to make the most of the savings in the time left and this has led to unprecedented sales.”
Mr Chrapot said the remaining units were attracting keen interest and strong sale prices.
“Units from 97sqm to 312sqm have achieved full asking prices, ranging from $249,000 to $775,000 respectively, amid strong demand from local private investors, owner-occupiers and self-managed super fund buyers,” he said.
Mr Mercuri said the affordable pricing and the prime location, just minutes from EastLink, the Monash Freeway and Burwood Highway, had proven enticing factors to buyers.
“A development of this kind and scale is unprecedented in the Knoxfield area, and as such, is strong enquiry,” he said. “No other strata warehouse development like this has been built in this precinct in quite some time.”
Located at 1464 Ferntree Gully Road, Industria Knoxfield, developed by Wilmac Properties and Folkestone, will deliver a total of 88 office warehouse units and a café when completed.
“The flexible commercial and industrial spaces have been architecturally designed to meet the changing needs of modern businesses and appeal to a broad range of end users,” Mr Mercuri said.
Stage one of the development is sold out, with settlement and occupancy taking place later this month. Stage two is 85 per cent sold and stage three is 45 per cent sold. Onsite café Half Half, by the operators of Mount Waverley’s Poacher & Hound, is due to open in July.