Older Industrial Building Sells with Future Development Potential

The older industrial style building at 165 Donald Street, Brunswick East was sold at auction by Tom Maule and Jonathon McCormack of Gorman Commercial to a local investor for $3,600,000. The warehouse building sold on a rate of $2,450 psm. The vacant building is situated within the Moreland Industrial Land Strategy area earmarked for future residential rezoning. “The purchaser intends to hold the site and lease for the medium term and capitalise on the exceptional future development potential (S.T.C.A.). Theses types of assets are in huge demand at the moment,” commented Tom Maule.