Former Grays Online premises sold at $4.85 million at Cheltenham

A Melbourne private investor has paid $4.85 million for a modern distribution centre at Cheltenham in Melbourne’s south-east.

The former Grays Online premises, located at 19 Hewitt Street, was sold with vacant possession in a deal brokered by Savills Australia.

It comprised a 3785 square metre quality office and high clearance warehouse on a large 12,300 square metre site with significant concrete and bitumen hardstand areas. 

Savills’ Senior Industrial Executive, Chris Telley said the quality of the building, the extensive hardstand, the location, and the potential to add value were key considerations. 

There was currently only 30% site coverage.

The Moorabbin/Cheltenham industrial precinct is viewed as one of the most tightly held precincts in the south-east due to easy access to both the CBD, Melbourne’s bayside suburbs, freeway network and a skilled workforce.