Sydney buyer outbids local developers at auction for industrial land
It was a punt that paid off for the vendors of 10-14 Manton Road Oakleigh in deciding to put the former sheet metal factory to auction, resulting in a sale $50,000 more than the reserve.
After competitive bidding the hammer fell at $1.1 million to a Sydney based owner occupier, catching several local developers by surprise.
Crabtrees selling agent, Gavin Dumas says whilst auction isn’t always commonplace for industrial sites, in a strong market it is often the best method for vendors.
The site with land area of 1,833 square metres is ripe for redevelopment into strata units or the refurbishment of the current building with an industrial one zoning and vacant possession.
The factory was held by the third generation family.
In the 1980’s and 90’s it was the headquarters of the Pellicano Group which owns and manages more than 180 properties, in a diverse portfolio ranging from commercial and industrial to retail and residential.
Nearly half of the Group’s workbook comprises four large business parks spread across Melbourne.
