With Moorabbin’s industrial precinct continuing to undergo extensive redevelopment and gentrification, demand for commercial and industrial property in the area continues to increase. As such, more people are looking to benefit from the new Morris Moor development on the old Philip Morris site, which is seeing many exciting new tenants move in.

Located just around the corner from Morris Moor, 5 Lennox Street, Moorabbin certainly benefited from its coveted location when auctioned this week. Competitive bidding from two parties resulted in a selling price of $2.4 million, well above reserve, and representing a yield of approximately 4.3%.

“With so many exciting ventures and new businesses moving in, interest across Moorabbin’s industrial precinct has never been higher,” says Julian Vautin, Sales and Leasing Executive. “Businesses are attracted to the area due to recent redevelopments, and benefit from easy access to key transport links, such as the Dingley Bypass and South Road.”