60 – 100 Greenhills Rd Pakenham: latest opportunity opens up for developers
Seven undeveloped lots of land in Melbourne’s southeast are providing potential buyers with an opportunity to be part of the “next frontier” for development in the area.
South East
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Seven industrial lots are on the market in Pakenham, listed as the “next frontier” of development.
As the southeastern growth corridor continues to expand at a fast pace, Colliers, CBRE and Cameron real estate companies have listed the seven industrial lots for sale at 60–100 Greenhills Rd.
In a high visibility spot, the lots are part of the lucrative Cardinia Business Park, and will have access to three major roadways at the completion of the entire site early next year.
Colliers agent Luke Lowden said the interest in the lots had been high, due to the area’s growing potential.
“It’s really the next frontier of development in Pakenham,” he said.
“The land north of the precinct has already been developed or has plans for development in place so this is the next step.”
Having already sold upwards of 30 lots in the precinct, the final seven are expected to be “snapped up”; the latest in a list of similar opportunities in the southeast.
“I’d like to think they’ll be snapped up fairly quickly,” he said.
“It’s a pretty achievable result, this is the final package we’ve released for the land.”
The price point per industrial lot varied depending on the size of the allotments, but Mr Lowden said average price per metre had remained in a similar range.
“The lots we’ve sold previously have gone for around $750 – $800 per metre,” he said.
“We’ve quoting the same price point and have the same expectation for their sale.”
The seven remaining lots measure in size from 1700sq m to 3961sq m, with the potential to yield anywhere between $1.2m to $3.1m, depending on the lot.
Mr Lowden said the interest had been strong and from a focused point in the investing market.
“We’ve seen mostly developing companies come forward,” he said.
“There are some owner-occupiers that have come on board, but mostly other development companies looking to get into the area.”
The Greenhills Rd site will join a number of other developments in the southeast, as the population and workforce continues to grow.
gemma.scerri@news.com.au
