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Undeterred by Melbourne's "out of control" industrial land prices, private developer Wilmac Properties and listed property trust Folkestone are eyeing new sites for their Industrial small format office warehouse joint venture.
Having just put the "Sold out"sign on its Knoxfield and Nunawading facilities, Wilmac properties director Angus McQueen said Industria was eyeing a one hectare site, also in Melbourne's east.
'We are not quite there yet but we are in exclusive due diligence on one and are always looking for more," he said.
Mr McQueen said the venture was also interested in the Sydney market, where Folkstone is based. " The land on a per square metre rate is much higher, but revenues are much better as well," he said.
"We are also looking at other areas such as Geelong. It's been a good model for us and we would like to see the Industria name evolve."
Surfing the buoyant conditions for small business - especially e-commerce related ones - Industria's modus operandi revolves around flexible strata titles floor space between 80 and 625 square metres, some with retail show room options.
Accounting for a 160 office warehouses combined, the Nunawading and Knoxfield facilities sold out 18 months ahead of schedule. Mr McQueen said:
"They were meant to be four and a half year projects but we have delivered them within three years of acquiring sites"
Colliers Andrew Chaprot, a selling agent for the Knoxfield site said buyers had paid the full asking price for $245,000 to $769,00 "amid strong demand from local private investors, owner occupiers and self-managed super fund buyers."