Market Updates

May 19, 2017

FIRST CLASS RESULT

SOLD $1,322,000
40-42 Isabella St, Moorabbin

Strong interest was shown in a warehouse with updated kitchen and office facilities at 40-42 Isabella Street, Moorabbin in the lead up to its recent auction.  On the day, around 35 people witnessed intense bidding by three parties, all of which were potential owner occupiers.  With a combined 40 bids, the price was pushed up from the opening bid of $1 million to over $1.32 million, or around $2,200psm.

“This pricing per square metre is some of the highest levels we have seen in this area”, says Jill Duggan, Sales and Leasing Executive at Nixon Industrial.  “This is being driven by very strong interest from owner occupiers and steady demand from investors for functional warehouses in good locations.”

The property of around 595sqm has excellent front parking, side access, two roller doors and three-phase power with well-presented front offices and showroom.  It is located close to key transport links, including South Road, Nepean Highway and the Dingley Bypass.  The property was sold with vacant possession.