Cushman & Wakefield sells Rowville development site for $2.6m

Cushman & Wakefield have sold an industrial development site in South East Melbourne for $2.6 million.

The Rowville development at 28 Enterprise Drive sold to a private local developer

 as availability of industrial stock in Melbourne’s south east continues to tighten.

The 6,030 sqm corner property is a vacant site located in the city of Knox within the Rowville industrial precinct, around 27 kilometres south east of Melbourne’s CBD.

The site currently neighbours the Repco head office and is surrounded by other major corporate tenants such as Australia Post, Javac Pty Ltd & CRL Australia.

Cushman & Wakefield agents Andrew O’Connell and Jordie Cassidy managed the sale on behalf of local Rowville vendor, Matthews Australia Pty Ltd.

O’Connell, said they are pleased to have successfully completed the sale of the final block available for sale in the entire Rowville industrial precinct.

"The sale represents a record price for the City of Knox of more than $400 per sqm, with the severe shortage of developable land in Melbourne’s south east continuing to drive strong prices."

Given strengthening demand in Melbourne’s south east industrial market, Cushman & Wakefield has recently launched a local office in Mount Waverley.

The new office opening is part of the continued expansion of Cushman & Wakefield’s industrial agency business in Victoria that has grown substantially during 2017.