686A South Road, Moorabbin
As Moorabbin’s industrial estate continues to benefit from a range of major redevelopment projects, including Morris Moor’s transformation of the old Philip Morris facilities, demand for older-style warehouses remains strong.
This was seen with the recent auction of a classic warehouse at 686A South Road, Moorabbin, which had been in the same family for 56 years.
A total of 35 bids from two parties in front of a crowd of 35 people pushed the final price to $1.3 million, with the property on the market at $1.175 million. Set on land of 941sqm, the building of 610sqm sold for $2,131psm.
“This was another solid sales result for the area,” explains James Glen, Senior Sales and Leasing Executive. “Newer and more diverse businesses are moving in around here, looking to take advantage of several major developments. In this case, the property was acquired by a lingerie wholesaler.”
“The great result is also testament to the fantastic location and easy access to key transport networks,” adds Jill Duggan, Sales and leasing Executive. “The shift is usage is clear, and very exciting for Moorabbin and its surrounds.”
For further information, please contact the selling agents: