With little fanfare Investa Property Group has been quietly generating land deals in their Paramount industrial estate in Melbourne's west, securing around 250,000m2 of land sales in 2009.
Mr Paul O’Brien, General Manager for Investa Land in Victoria said "In the face of a flat market, we have continued to do deals at Paramount estate, which can in part be attributed to its outstanding affordability, with land from $105/m2 for 8ha parcel to $145/m2 for 2,500m2, on fully-serviced lots.
”Buyers and tenants have included Sleepyhead, Shiny Embroidery, Total Care Transport, Volkswagen, Kuhn Farm Machinery, CSR and Parragon Publishing, along with a number of other owner occupiers. By the end of this year a further 200,000m2 of buildings will be constructed at the estate.
O’Brien notes: “Part of Investa’s Integrated Industrial Community Strategy is to provide an industrial and employment node for the local community. With the combination of a Coles supermarket across the road, business amenity, new YMCA and childcare facilities coming soon we aim to provide the community with everything it needs.”
O'Brien commented that "Buyers this year have been predominantly owner-occupiers operating within sustainable industries who are committed to the growth of their businesses in Melbourne's west. Voting with their wallets, they have chosen Paramount Estate on a straight value-for-money proposition.
”International organisation Vista Print has also seen strong prospects in the estate, choosing to locate at Paramount Estate after an Australasian-wide search, based on its location and proximity to power and data infrastructure.
Investa took a proactive approach to the Industrial market last year with its nation-wide ‘We’ll Clear the Hurdles’ promotion, offering a suite of initiatives to assist the buyer, including contributing to and managing Planning Application costs on land purchases made over 1ha until 31 December 2009. O'Brien adds: “We saw this as an opportunity to make it easier for purchasers in the Industrial market and the results were pleasing.”
Investa Land's Victorian team also achieved the largest leasing deal in the suburban office market in Melbourne for 2009. The 4,500m2 deal secured Golder Associates Consulting Group at Investa’s Botanicca Business Park for an 8.5 year lease term.