Salta Properties is planning a new industrial estate in the under-serviced market of Carrum Downs following a recent $6.6 million land purchase.
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.