Clayton industrial site snapped up for $2.4 million by developer

The Melbourne-based property developer Virtus Property Group has spent $2.4 million on a Clayton redevelopment site.

The south-East Melbourne sale was brokered by Savills Australia on behalf of a Melbourne-based private investor.

The property, on Audsley Street, is a 6,400 square metre site with Industrial 1 zoning. On the site there are circa 3,300 square metres of buildings, which Virtus is said to be planning to demolish.

The purchaser is expected to re-develop the property with a 24 unit office/factor estate, ranging from 120 to 150 square metres each, explained Savills associate director industrial, Daniel Kelly.

“The property is in an excellent location within a stone’s throw of Clayton shopping strip, train station and all major road networks,” he said.

Virtus Property Group is a relatively new developer, founded by Peter Fountas and Angelo Bruno, who have an industrial focus.