One of Melbourne’s largest inner-east industrial landholdings offered to the market

Melbourne, Australia – A major last-mile logistics and industrial investment opportunity in Melbourne’s tightly held inner-east has been brought to market, with 15–33 Alfred Street in Blackburn - known for being home to rock climbing business Urban Climb - up for sale. 

The 4.15-hectare property is one of the largest industrial-zoned landholdings in Melbourne’s inner eastern corridor and comprises a fully leased, multi-tenanted estate with a gross lettable area of 22,639sq m over two buildings. 

The land-rich asset generates a net passing income of approximately $3.4 million per annum and is underpinned by a diverse tenant mix including CoolDrive Auto Parts, Gainsborough Hardware, Benetas Home Care and Urban Climb, with a WALE of 2.98 years. 

The rear office warehouse facility is configured into five tenancies, while a purpose-built rock-climbing facility constructed in 2022 occupies the front of the site, together with a large carpark with 231 spaces. 

Positioned approximately 16 kilometres east of Melbourne's CBD, the property occupies a strategic last-mile logistics location with direct access to the Eastern Freeway, Whitehorse Road and Springvale Road.  

It is also located adjacent to Nunawading's renowned ‘Golden Mile’ retail precinct and within easy reach of one of Melbourne’s most affluent and densely populated residential catchments. 

The property is being offered for sale via an Expressions of Interest campaign managed by Harley Bowen, Stuart Gill and Elliot Ryan of Knight Frank together with Ben Hegerty and Joel Scully of JLL. 

Mr Bowen said the offering presented investors with a rare opportunity to secure institutional-grade scale in a highly constrained infill market. 

“Opportunities to acquire industrial landholdings of this scale within Melbourne’s inner eastern market are exceptionally rare,” he said. 

“The property combines a substantial 4.15-hectare landholding with diversified income, strong underlying land value and genuine flexibility for future repositioning or value-add initiatives. 

“Further upside and value creation can come via rental reversion, with rents currently assessed as being 19% under market, while in the longer term value can be unlocked through the significant underlying site area, with current site coverage of 55%.

“With industrial vacancy remaining limited across Melbourne’s established infill markets, investors are increasingly targeting assets that provide both secure income today and the potential to create additional value in the future.” 

Mr Hegerty said the property's location was expected to attract strong interest from institutional investors, private capital and developers seeking exposure to last-mile logistics markets. 

“Blackburn is a highly strategic location that provides access to nearly one million households within 30 minutes’ drive, making it an increasingly important last-mile logistics destination,” he said. 

“The estate sits within a deeply established industrial and commercial precinct and benefits from outstanding connectivity to key transport infrastructure, including the Eastern Freeway and the future North East Link project. 

“The combination of scale, income security and proximity to one of Melbourne’s most affluent consumer catchments is difficult to replicate and positions the property as a truly unique investment opportunity. 

“As occupier demand continues to strengthen and industrial-zoned land remains scarce in inner metropolitan locations, assets of this calibre are expected to attract significant attention from both domestic and offshore buyers.” 

The Expressions of Interest campaign for the property will close at 3pm (AEDT) on Monday, November 9. 

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For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 600+ offices across more than 50 territories and more than 20,000 people. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.