Victorian Warehouse Sale Tops 2020 Price by $11.5m

A private investor has sold its Campbellfield industrial asset for an 85 per cent uplift less than three years after acquiring it.

The 11,572sq m warehouse at 143 National Boulevard was bought in September, 2020 for $13.5 million and has sold for $25 million.

A transport logistics provider purchased the warehouse to expand its existing footprint in the area.

The site is 13km north of the Melbourne CBD.

CBRE’s Joe Brzezek and Daniel Eramo brokered the deal.

“We have seen large-scale capital growth in the northern industrial market during the past 24 months,” Brzezek said.

“While there has been a reduction of purchasers in the current market, the lack of vacant industrial facilities above 10,000sqm for purchase has resulted in an undersupplied market causing continuing capital value growth.

Eramo said the owner-occupier subsector had been one of the most active purchaser groups during the past six months, “seizing the opportunity to capitalise on lower competition volumes”.

“Owner-occupiers can move swiftly should the right opportunity arise as they continue to take long-term views on the acquisition and the importance of business continuing to prosper,” he said.