With minimal retail spaces available, warehouses and factories are being converted into bars, restaurants, recreational services and gyms. Mitcham Social is one such operation which has replaced the interior of a steel factory with a restaurant and bar. Brochure printing services can be used to inform the community of new ventures and their locations.
According to real estate agent for CBRE Joe Brzezek, the transformation trend being applied to industrial buildings has been occurring over the past couple of years and is set to escalate, adding:
“I see this trend continuing down the track and Blackburn, Box Hill transforming like we’ve seen with those inner city, industrial spaces.”
He said the increase in entertainment and café businesses wanting to set up outlets in the City’s Nunawading and Blackburn areas was also having the effect of pushing up rates and land prices and successfully placing the local industrial areas among the strongest performing in the state.
Brzezek said the value of an industrial site which was sold recently near Blackburn Station had risen by in excess of 10% in a year. Such growth, he added, was quite uncommon for an industrial property.
Brzezek said many industrial clients were moving their companies to more cost-effective locations like Bayswater.