This article is from the Australian Property Journal archive
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Industrial
Preston, VIC
Some 20,000 sqm of industrial space in Melbourne’s north has been put up for lease to manufacturing, warehousing and distribution businesses.
Located 9.5 kilometres from the CBD, Buildings G, J and I at 34-44 Raglan Street are listed for lease by conjunctional agents Rory White and Matt Hoath of Gray Johnson and Joe Brzezek and Daniel Eramo of CBRE on behalf of ASX-listed Growthpoint Properties Australia.
They were recently tenanted by Paper Australia and Amcor.
Building G spans 6,236 sqm and there is 13,231 sqm in Building J, the latter having 5,000 amps of power supply. Each has a high internal clearance at a minimum of eight metres.
Adjacent is 929 sqm of office space, over two levels, in Building I.
The agents are quoting an indicative leasing rate of $130 per sqm.
Gray Johnson associate director, Rory White said both holdings benefit from immediate access to Bell Street with ideal access to the Metropolitan Ring Road and the Eastern Freeway.
Kippa-Ring, QLD
The Redcliffe Self Storage centre has been listed for sale and is expected to attract prominent existing operators in the industry, or commercial investors seeking a high cash flow.
The 52 High Street facility is has an area under roof totalling 3,553 sqm across 355 self-contained storage spaces, and is on land of 3,795 sqm with three street frontages.
Occupancy is currently of 95%, achieving a gross return of $938,000, with the 2023 accounts provided showing adjusted operating expenses of $200,081.
The storage business is operated under the industry standard Storman software and the centre is for sale on a walk-in walk-out basis.
Specialist agency Highway Frontage has the listing. Selling agent Matt Walsh said there is on-site car parking for 30 vehicles plus a commercial tenancy at the front of the facility – a former snack bar – to which the vendor is proposing to relocate his own business and pay the same rental with a new lease. A rental of $23,000 is included in the gross turnover figure for the tenancy.
Walsh said there is scope to introduce services like insurance.
He added that the appeal of self storage businesses and freehold property are under-represented by institutional investors.
Laverton North, VIC
A rare greenfield site in Melbourne’s western industrial heartland has been put to the market by ASX-listed agricultural chemical company Nufarm.
The 5.3-hectare site at 8-14 and 16-18 Hume Road is being marketed by Colliers’ Nick Saunders and Hugh Gilbert alongside the Colliers industrial advisory team.
The agents said the property is suitable for e-commerce investors, with the property able to access 1.6 million households in Melbourne in under 60 minutes.
“With online sales trends always on the rise, the industrial estate provides a solution for e-commerce business as it fulfils consumers’ online shopping needs, from delivery to a retailer or purchaser’s home,” Saunders said. The property 17 minutes from the Port of Melbourne and eight minutes to the closest intermodal.
Gilbert said the west market is now Melbourne’s most land-constrained industrial market, with very few large vacant sites left to develop.
The Hume Road site is currently occupied by the Australian Food Group on a short-term lease. It is being offered for sale by expressions of interest closing 27th March.
