A modern warehouse and office facility in one of Melbourne’s key northern logistics hubs has been snapped up by a local private investor for circa $1.5 million, exchanging unconditionally well before the close of its Expression of Interest campaign.
The transaction of 187 Northcorp Boulevard, Broadmeadows, negotiated by GrayJohnson’s Sales and Leasing Executive Anthony Boldrini, demonstrates that despite talk of a flattening market in the small-to-mid commercial sector, quality industrial assets are continuing to buck the trend.
The 780 sqm building, set on a 1,117 sqm site, features a clear span warehouse, an 8-metre springing height, and highly specified office amenities. However, it was the strategic positioning and the calibre of the neighbours that ultimately drove the buyer to act with such speed.
“We are seeing a narrative in the market right now that buyers are pausing to recalibrate, but this deal proves that when the right fundamentals are in place, buyers will be completely decisive,”
“The purchaser inspected the property and immediately recognised the value of the location. They didn’t want to risk waiting for the EOI campaign to officially close on July 16, resulting in a swift, unconditional offer on a short settlement.”
A major drawcard for the incoming investor was the strength of the estate itself, which is already home to several major corporate players.
“In residential real estate, buyers pay for the views and the school zones; in commercial and industrial, they pay for connectivity and the company they keep,” Anthony explained.
“The presence of recognised, big-name tenants within this specific estate acted as a massive drawcard. It provides incoming investors with an immediate sense of security and validates the prestige of the location.”
Positioned with immediate proximity to the Metropolitan Ring Road (M80), the Hume Motorway, and the Tullamarine Freeway, the Northcorp Boulevard asset offers exceptional connectivity to Melbourne’s primary freight network, the CBD, and the Port of Melbourne.
“This result highlights that there is still robust inquiry and highly motivated capital looking for modern industrial stock. We are seeing qualified and educated capital/buyers moving on good quality industrial stock.,” Anthony added. “The demand for well-connected logistics hubs with wide frontages and premium operational facilities remains incredibly robust.”
