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Sites off to market as industrial cachet rises German industrial giant Siemens and paint manufacturer Dulux are set to offload property into the hottest market since the global financial crisis. They are joining a wave of corporates looking for new high-quality space in cheaper digs who are keen to make the most of a 20 per cent lift in industrial land prices in the eastern suburbs. The new Dulux factory which Vaughan Constructions is building at Merrifield. Colliers International agent Justin Fried said: "What's really driving it is the significant uplift in values. A number of privates and owners who have had long-term ownership in these areas are looking to capitalise on market conditions. "In some cases they're looking to move out of older buildings and relocate to more affordable but higher quality real estate closer to the freeways." Siemens is planning to sell and lease back its massive 45,000 square metre site on Mountain Highway in Bayswater. About 700 employees work at the site, which is less than 10 minutes drive from EastLink. It has several buildings, several of them purpose-designed for manufacturing, which no longer takes place. All the workers are involved in service, sales, administration and call centre operations. Any deal could involve Siemens consolidating its workforce into smaller space while a new developer-owner redevelops the surplus buildings.
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