According to CBRE, GLJS Investments has sold a Campbellfield allotment of 11, 931 sqms for a record-breaking $9 million to a private investor.
The property firm says the sale price has set a new land-rate record of $754 per sqms for industrial-zoned land in the area.
It also says there is demand for industrial land in Melbourne’s north.
CBRE’s Daniel Eramo, Joe Brzezek and Jake George brokered the sale following a highly competitive expression of interest campaign.
“Multiple bids were received during the sale campaign, highlighting the continued strong demand for industrial land throughout Melbourne’s northern suburbs,” Daniel says.
“This has resulted in land price growth in the order of 35 to 40 per cent in the past 12 months,” he adds.
“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.”
The allotment comprises three blocks of land at 54, 56 and 58 Metrolink Circuit. The private investor bought all three sites that had individual titles and zones. The sites could have been bought individually or as a group.
CBRE reports the purchaser intends to occupy part of the land and develop the rest.
For more information on CBRE, click here.
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