Elite Property Group has sold all but one of the units at its 2 + business park, located at Kirkham Road Keysborough.
A joint venture with the Bayport Group, the 8,350 square metre development is due for completion this month.
Thirty-four units were on offer at the 2 + business park and sold for on average $1,800 per square metre to local businesses and investors.
This success follows the recent construction of the high profile $25 million Port Melbourne Industry Park – a joint venture with the Spigelman family. The development has attracted substantial occupiers including Lorbek luxury cars and Reece, with selling rates topping $3,000 per square metre.
Signalling its strength in medium-to-large commercial developments, Elite Property Group has just commenced work on M-inc – a 2.2 hectare site in Moorabbin that will accommodate 37 office/warehouse buildings.
A common factor in these developments is their access to arterial roads and freeways, which Elite’s Managing Director Leo Iazzolino says is a major consideration for prospective businesses.
“There’s no doubt the proximity to good transport links is an important factor for would-be purchasers,” says Leo Iazzolino.
“Extra kilometres means extra dollars for businesses.
“We’ve been very selective in choosing sites that will deliver this access: the 2 + business Park is adjacent to EastLink and Port Melbourne Industry Park the West Gate Freeway.”
Iazzolino’s comments reflect the opinion expressed earlier this year by Savills’ head of industrial, Darren Curry who said, “We are now seeing the emergence of a new speculative industrial construction push and that is driving land values around key transport routes.”*Leading agent for the 2 + Business Park Renato Daniele from Collins Commercial & Industrial said: “The modern architecture, cutting edge design and very functional layout of the whole project makes for a great development by a marquee name in commercial property. The outstanding location holds real currency with buyers in today’s market.”