This week 2 industrial sites with development potential were sold for $83M.
The first, at 1403 The Horsley Dr was sold for $21.89M. A Development Application for the 19,770sqm triangular parcel of land was submitted in 2016 for the development of a a Medical Centre, Child Care Centre for 107 children, 11 Light Industrial Units, a Service Station with an estimated cost of $14.8M. That DA was withdrawn in June this year following a range of issues raised by RMS and the site was subsequently sold through CBRE. The purchase price represents a value of $1,107/sqm.
The second and larger sale was at 250 Victoria St, which traded for $61M. The 8.6ha site has an existing 11,021sqm office / warehouse together with hardstand and vacant development land. The existing warehouse is vacant and able to be leased. The asset was acquired by a private developer via listing agents JLL. The purchase price represents a value per site area of $709/sqm.