Pellicano sells final lots at Dandenong South masterplanned Innovation Park

The diversified property group, Pellicano, has sold the final lot at its 74 hectare masterplanned Innovation Park estate in Dandenong South.

It went for for 72% more than comparable lots in 2012.

At $290 per square metre for the 14,940 square metre site, the final sale to a private investor totalled over $4.3 million.

Over the past six years and across four stages, 61 lots have been sold at Innovation Park for upwards of $68 million.

The sale represented the last sale of public land with Pellicano and its JV partner, ISTP, instead now turning attention to the 26 hectare of land reserved exclusively for pre-commitments and speculative developments.

“The 72% increase between the approximate price per square metre in 2012 and 2017 is demonstrative of the growing demand for industrial lots in Victoria. In particular, the appetite for industrial land in the south east has consistently driven prices up,” managing director Renato Pellicano said.