QUICK SELL-OUT OF AYLESBURY BUSINESS PARK WAREHOUSES LEAVES BUYERS WANTING MORE: DEMAND FOR ALTONA PROPERTY CONTINUES TO STRENGTHEN.
Announcement posted by Allard Shelton 18 Oct 2017
Melbourne, 18 October 2017 - 12 warehouses at Altona’s Aylesbury Industrial Park have sold out within weeks of construction commencing, signifying strong demand and continued growth in the rising suburb of Altona. An additional 20 off-the-plan boutique warehouses in the same Business Park have also just been listed by Allard Shelton at 36 Aylesbury Drive, with 6 already on their way to being secured by eager purchasers who missed out on the previous opportunities.
The team at Allard Shelton have been the sole agents appointed for both campaigns, led by Directors Michael Ryan and James Gregson.
Mr Ryan commented, “Despite there being a significant amount of competing stock in Altona and surrounding suburbs, the demand in this development for off the plan and unfinished stock has been tremendous. We still have a number of disappointed buyers who missed out on 26 Aylesbury Drive and are ready to purchase. Many of them are now setting their sights on the upcoming development at 36 Aylesbury Drive with 6 of the warehouses already on their way to being sold.”
Due to this positive response, the vendors of 26 Ayelsbury Drive are contemplating the build of a similar product on another parcel of land they own in the estate. Mr.Ryan stated, “Should these vendors decide to build another similar development, we anticipate the same outstanding response such as the one we are currently experiencing.”
26 Aylesbury Drive was owned and developed by two of Victoria’s largest civil engineering and construction groups, Civilex and Conset Group. Sized between 195sqm and 205sqm, the warehouses sold between $405,000-$425,000 with a total realisation just under $5,000,000.
7 out of the 12 Aylesbury warehouses were sold to owner occupiers with the remaining being sold to investors. Mr. Gregson said that the mix of investors and owner occupiers buying these assets, pointed to the affordability and easy access of the Altona estate as key drivers.
“Altona has become a much sought after suburb in recent years not only for industrial property but also residential. Each sector has helped fuel the other. It is close to the Port, accessible to the CBD and outer suburbs via the Western Ring Road and Princes Freeway, and is punctuated by hipster bayside hubs. Now with the proposed West Gate Tunnel project in the pipeline, demand is likely to increase even further.”
In recent years, the average residential price in Altona has seen to top some inner city suburbs such as Richmond, Northcote and Doncaster. Improved accessibility via the West Gate Tunnel project is believed to further enhance the demand for industrial, residential and commercial premises in Altona by:
- Providing an alternative river crossing to the West Gate Bridge
- Widening the West Gate Freeway
- Constructing 2 new tunnels under Yarraville that connect to CityLink in the north
- Improving connections to ports, allowing the West Gate Bridge to be the main connector for the western suburbs with central Melbourne.
Construction of 26 Aylesbury Drive, Altona is scheduled for completion early next month.
About Allard Shelton Pty. Ltd.
Allard Shelton Pty. Ltd. is a Melbourne based real estate agency established in 1884 and is one of Australia’s longest standing property firms. The Company offers services to both vendors and sellers in property sales, leasing, appraisals and property management. Allard Shelton is one of Melbourne’s most trusted agencies, with a vast network of long term, high profile clients for whom they provide tailored agency services, consulting and property investment guidance.
ENDS
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