_Industrial site in Melbourne’s southeast offering future development potential on the market
The 7,798sq m property at 130 Herald Street in Moorabbin is occupied by two sheds and an additional office/showroom space totalling 1,052sq m.
It is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Steven Salopek and Stuart Gill.
Mr Salopek said the property, which is being offered to the market with vacant possession, offered a rare opportunity for buyers.
“This premium-grade industrial site presents a last chance for an occupier or developer to acquire and capitalise on one of the last pieces of underutilised land within the highly sought after bayside suburb of Moorabbin,” he said.
“A strategic occupier could use the site to build their corporate HQ or a developer could create Moorabbin’s most prized business park.
“The site has a great presence within Moorabbin and is centrally located to many of the east’s primary transport modes, making it an attractive location for occupiers.”
The Moorabbin property has 77.5 metres of street frontage and is close to Warrigal Road, South Road and Dingley Bypass.
Mr Gill said the asset had future development upside given the favourable Industrial 1 zoning under the City of Kingston.
“An incoming buyer could transform the site with a development, subject to council approval,” he said.
“Opportunities to value-add are appealing to buyers in the current market, however we expect to field interest from those looking to use the site as is, as well as those who will look to future development opportunities.
“The property is situated within one of Melbourne’s most highly regarded industrial areas.
“Moorabbin continues to experience a significant transformation of the local landscape due the locality to Bayside suburbs and fresh developments such as Morris Moor and Goodman’s Moorabbin Airport.”
The Expressions of Interest campaign for the Moorabbin property will close at 4pm (AEST) on Thursday May 29.