Pakenham saleyards' multi-million dollar price tag revealed

The 68,240 square-metre property was purchased via an expression of interest process and sold within 60 days of being listed on the market.

The owners of the site Victorian Livestock Exchange said the price would remain a secret until after the site's December settlement.

However, one of the two agents tasked with selling the seven-hectare site revealed on Monday night the Exchange Drive site sold for $25 million.

"The rare proposition offered higher-order upside potential through redevelopment, repositioning existing improvements or land subdivision," real estate company Facey Property said.

"This significantly scaled industrial site was recently sold for $25,000,000 by the Facey Property team in conjunction with Colliers."

Colliers previously declined to reveal the price tag of the site to Stock & Land, while the founding VLE chairman and director Graham Osborne said, "I can't disclose the price, but the directors are satisfied".

The VLE has about 40 shareholders and has five people on its board of directors.

The site was listed for sale in early-April with a price guide of $30 million and took less than 60 days to sell following a month-long period seeking expressions of interest for a buyer.

The industrial zone one site is located 600 metres from Princess Freeway and in an area where industrial land values have increased by 40 per cent since 2021, according to real estate newsletter The Industrialist.

The VLE has until the end of the year to remove the livestock selling pens and other related equipment, such as weighing scales for cattle, before the December settlement.

It is unclear how the site will be used in the future.

The last store cattle sale was held at Pakenham on Thursday, June 27.

"It will almost certainly be subdivided, but that will be up to the new buyers," Mr Osborne said in June.

Real estate agents described the Pakenham property as a "an increasingly rare proposition in Melbourne's thriving and sought after south-eastern industrial precinct" with two street frontages totaling 473 metres.

Colliers associate director and head of industrial and logistics capital markets in Victoria Daniel Telling earlier described the location of the Pakenham saleyards as a "gateway industrial site".