Acute shortage of industrial properties, 2 Lavington sites sell quickly

A vacant block at Woolpoint Court sold under the hammer for $770,000, while a site with a business under a five-year lease at Wagga Road sold a minute after auction for an undisclosed amount after being passed in at $1 million.

Mr Dixon said he knew there would be stiff competition for the 5499-square-metre land allotment on Woolpoint Court.

Bidding for the site started at $650,000 then rose to $730,000 in a matter of seconds.

About a minute later the deal was done for $770,000.

Buyer Cori Bourne, who is involved with the trucking industry, echoed Mr Dixon's take on the shortage of industrial property.

"I would have been happier if the bidding stopped a bit lower, but otherwise, I'm very happy with the result," Mr Bourne said.

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"It's a bit more than I planned but ... it is what is, and industrial property is very hard to get at the moment.

"For an extra 20 or 30 thousand dollars it's worthwhile."

Mr Bourne said the property being close to major roads was its drawcard.

"The location more than anything attracted me to this spot," Mr Bourne said.

"Being at this end of town and the proximity to the interchange and the freeway, it's just what we need.

"I've got another business here in Albury, one in Shepparton and at Ballarat, so we'll be building a new premises for the Albury one here."

Mr Bourne said he would start building "as soon as possible".

The Wagga Road site is occupied by Clipex which leases the 990-square-metre property for $75,000 a year.

Mr Dixon said land in the vicinity had grown in value and "will continue to grow in value".

"The shortage of industrial land is acute and in very short supply at the moment," Mr Dixon said. "Industrial vacancies are at an all time low, there's very little industrial land for lease and, as a consequence, rent is going up on the leasing market."

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