This article is from the Australian Property Journal archive
DEVELOPER Prime Urban Group has been given the green light for a new masterplanned business park in East Bendigo, delivering much needed industrial space to the region.
Acquired by the diversified Victorian developer in mid-2023, the property at 8-16 Rohs Road spans 5.51-acres and will comprise 7 modern offices, 57 customisable warehouses and two 1,100 sqm factory units as Prime Business Park Bendigo, which will have a gross realisation value of more than $55 million.
“Bendigo is a growth area in which we see significant future value in. It has terrific credentials from a commercial growth-perspective, as local businesses will need to keep pace with increased demand from the region’s surging population in the next decade,” said Nicholas Tissot, development director at Prime Urban Group.
“Once completed, we envisage the project becoming a nexus of business growth, collaboration, community and lifestyle in close proximity to the Bendigo CBD.”
Greater Bendigo currently has an industrial vacancy rate of 0.5%, which is well below the Melbourne average of 2%, according to CBRE.
The warehouse units at Prime Business Park Bendigo will be available in 123sqm, 144sqm and 166sqm spaces and are Industrial 1 Zoned (I1Z) making them suitable for a diverse range of tenants.
The warehouses will also feature mezzanine levels for extra storage, motorised doors for delivery vehicle access, three-phase power, carparking on title, NBN connectivity, modern kitchenette and bathroom facilities as standard, with tenants able to amalgamate neighbouring units.
“Across our various industrial projects in Victoria, we have observed a consistent increase in demand for our entry-level and medium-sized units, like what we are bringing to market in East Bendigo. This allows businesses to scale-up operations in a gradual and considered manner,” added Tissot.
There will be 17 office spaces available in various configurations to be used as dual level workspaces or showroom areas and ranging from 144sqm to 371sqm in size.
Offices are priced from $710,022 plus GST and warehouses are priced from $342,350 plus GST at the Prime Business Park Bendigo.
It is estimated that the delivery of the project will see around 100 subcontractor full-time equivalent jobs supported and more than 35 local material suppliers engaged.
The property will benefit from its connectivity to key arterials including Rohs Road, Strickland Road and the Midland Freeway, as well as the neighbouring rail network and recently refurbished Bendigo Airport.
McKean McGregor has been appointed to manage the pre-sale campaign for the precinct, which expected to draw in interest from local owner-occupier businesses and intrastate investors.
