Industrial subdivision plan for Carrum Downs
The developer bought the 10.49 hectare site in a mortgagee sale by Bank of Queensland after previous owners Parklane Investments (VIC) entered external administration.
The property at 120 Colemans Road is zoned Industrial 1 and has planning permits for 17 lots. Salta is planning to subdivide and sell the parcels.
"Carrum Downs, whilst relatively new to Melbourne's industrial property framework, has the hallmarks of a landmark industrial location and presented a strong investment opportunity," said Sam Tarascio, Salta's managing director.
"On settlement, we plan to develop the offering to mirror the demand in the industrial property market with a strategy in place to have subdivision works completed by February in 2014."
The sales campaign was run by Nichols Crowder and Savills.
Parklane Investments, which bought the property for $4.6 million in 2007, owed $21.89 million when it was placed in administration last August.
Knight Frank researcher Richard Jenkins said the Carrum Downs industrial market remained small but had been improved as a result of the construction of EastLink. Land values ranged from $180 to $250 per sq m and rents were $65 to $80 per sq m, depending on the property's ease of access to the highway.
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Frequently Asked Questions about this Article…
Salta Properties has bought a 10.49-hectare Industrial 1 site at 120 Colemans Road in Carrum Downs for $6.6 million and plans to subdivide it into 17 lots to sell the individual industrial parcels, with subdivision works targeted for completion by February 2014.
The site is at 120 Colemans Road, Carrum Downs. It is zoned Industrial 1 and already has planning permits in place for 17 lots, which supports Salta’s plan to subdivide and sell the parcels.
Salta bought the 10.49-hectare site in a mortgagee sale conducted by the Bank of Queensland after the previous owner, Parklane Investments (VIC), entered external administration.
Parklane Investments purchased the property for $4.6 million in 2007 but was placed in external administration last August; at that time the company reportedly owed $21.89 million.
The sales campaign for the site was run by Nichols Crowder and Savills.
According to Knight Frank researcher Richard Jenkins, EastLink has improved the small Carrum Downs industrial market by enhancing connectivity. That improvement is reflected in current local land values and rents.
Knight Frank reported land values in Carrum Downs range from about $180 to $250 per square metre, while rents are around $65 to $80 per square metre. Prices depend on factors such as a property’s ease of access to the highway.
Yes. Salta’s managing director Sam Tarascio described Carrum Downs as having the hallmarks of a landmark industrial location and said the site presented a strong investment opportunity, which underpins their subdivision and sales strategy.
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