This article is from the Australian Property Journal archive
GERMAN joining technology manufacturer Norma Group will relocate to Dandenong South after pre-leasing an office and warehouse facility in the Logis Eco-Industrial Business Park.
The global company has signed a deal to occupy a 3,000 sqm state-of-the-art facility on Bazalgette Crescent to be delivered by developer, BFD Construction.
The Norma builds on BFD’s recent successes developing warehouses of a similar size for NSK Australia, SullairAustralia and Terex.
Savills Kosta Filinis worked closely with both parties to negotiate the seven-year term.
“This lease term is a sign of the commitment from both sides to the project, and has enabled both the tenant and the landlord to achieve their requirements,” he said.
Whilst the rental rate was undisclosed, industry sources told Australian Property Journal, that rents for similar assets are around $100-$110 per sqm.
Filinis said the deal was another “outstanding result” for the popular Dandenong South industrial market.
“The environmentally friendly estate, which was developed by Melbourne Water and Places Victoria, was particularly attractive to Norma Group, which will establish a major storage and distribution hub at the Bazalgette Crescent address.
“Major corporations continue to look for space in the south-eastern corridor of Melbourne. The area is consistently drawing occupiers from competing markets, such as Braeside, Scoresby and Rowville,” Filinis said.
Australian Property Journal
