Prime land fetches $2.5m

Rebecca Fraser
INDUSTRIAL land prices in Greater Dandenong continue to boom, vacant industrial land in Hammond Road Dandenong fetching more than $2 million.
A Melbournebased developer is believed to have bought the land at 452 Hammond Road for about $2.5 million in an off market deal.
Colliers International associate Joseph Catanese negotiated the deal and said he was not surprised by the price the 1.79 ha property had reached.
“I have been working in the Greater Dandenong area for eight years now and have seen prices rise from $40 a square metre to $200 a square metre,” he said.
“Any corner location like this one is hard to come by and sells well. In Dandenong the scarcity of industrial land has also contributed to the price rise. The new MitchamFrankston bypass has also driven prices up a little bit,” he said.
The vendor of the property was developerbuilder Vaughan Constructions.