Sector Property Group has acquired a 6.19-hectare land parcel in Melbourne’s western suburb of Altona for $24.5 million. 

The site, located at 341-359 Kororoit Creek Road, is about 6km from the Port of Melbourne and 9km from the Melbourne CBD, with easy access to the Princes Freeway. 

The front half of the property is currently occupied by a pair of transport operators, separated by a cul-de-sac that provides access to the rear of the site.  

The Melbourne-based developer will subdivide the site into serviced lots over the coming months. 

CBRE’s Bryce Pane and Ricardo Cappelletti negotiated the transaction on behalf of the private vendor.  

“The site’s location, on a main road within a tightly-held precinct, was a major drawcard for the buyer,” Pane said. 

“Sector Property Group will look to subdivide the site into smaller allotments for resale, and we envisage these lots attracting strong interest from local occupiers and developers,” Cappelletti said. 

The transaction follows Ascot Capital’s purchase of a distribution centre near Albury–Wodonga in Victoria through a sale and leaseback deal with Wine Depot for $10.6 million this week. 

Earlier this month, a Charter Hall fund bought an SPC industrial property in Shepparton, Victoria for $66 million through a sale and leaseback deal, while Logos, KKR and Mubadala Investment bought industrial development sites in Sydney and Melbourne with a combined end value of $640 million.  

Last month, Centuria Industrial REIT acquired a portfolio of six urban industrial assets located across Melbourne, Sydney and Brisbane worth a combined end-value of $132.4 million, following its purchase of four industrial properties across Sydney, Melbourne and Brisbane for $129.4 million last November.  

Earlier this week, Colliers Managing Director for Industrial Gavin Bishop said there was an estimated $50 billion worth of capital seeking investments in Australia’s industrial property market.