Twelve warehouses at Altona’s Aylesbury Industrial Park have sold out within weeks of construction commencing, a pointer to the strong demand in Melbourne’s south-west suburb of Altona. Another 20 off-the-plan boutique warehouses in the same business park have also been listed at 36 Aylesbury Drive. Six are already in the process of being sold. The listing agents are Michael Ryan and James Gregson of Allard Shelton.
“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,” Ryan said. “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,” Ryan said.
Ryan added that the vendors might decide to build a similar development after the response to the others. 26 Aylesbury Drive was owned and developed by two of Victoria’s largest civil engineering and construction groups, Civilex and Conset Group. Construction of 26 Aylesbury Drive is scheduled for completion in November.
Sized between 195 sqm and 205 sqm, the warehouses sold between $405,000-$425,000 for a total of just under $5 million. Seven out of the 12 Aylesbury warehouses were sold to owner occupiers and the rest to investors. Gregson said the mix of investors and owner occupiers buying these assets, pointed to the affordability and easy transport access of the Altona estate as key drivers.