This article is from the Australian Property Journal archive
THE boom in passenger traffic at Melbourne Airport has car parking operators jostling for the best spot, according to CB Richard Ellis, which recently negotiated a number of leases.
In one of the latest deals Busy Beaver Airport Parking has committed to a substantial former warehouse facility that has been converted to provide undercover and outdoor parking.
CBRE’s Dean Hunt and Matthew Sampson negotiated the 8,400 sqm lease, which follows recent deals including a multi-level car park with 650 spaces on the door step of the Melbourne Airport in conjunction with Colliers. The 5 South Centre Rd car park was sold with vacant possession and a new long term lease has been negotiated to Ace Parking by CBRE’s Dean Hunt and Scott Orchard.
A new on-grade car park is also planned for a site opening on Western Avenue, abutting the Tullamarine Freeway.
Hunt said investors are seeing the opportunity to turn industrial sites and former warehouse buildings into car parks offering prices which are highly competitive when compared to the parking available at the airport.
“These facilities offer free return shuttle services to the airport as well as valet parking and in many instances car servicing and car cleaning, providing an attractive alternative for travellers,” he added.
Hunt said the growth in passenger numbers had helped drive the recent interest from car parking operators looking to establish a presence in Tullamarine.
One of the largest recent deals involves the new Busy Beaver facility which is located at 16-20 Tullamarine Park Rd and offers excellent accessibility from the Ring Rd, Calder Freeway, and Tullamarine Freeway.
Busy Beaver has taken a 10-year lease over the facility, which is owned by the Mirabella Group.
“Sites that can be utilised as a parking facility in Tullamarine are in demand from tenants and investors alike and are hotly contested when offered to market,” Hunt said.
Passenger numbers through Melbourne Airport climbed to 28,190,457 in the 2010/11 financial year – up 7.7% on the previous corresponding period. Curfew free operations and low airline fees have helped boost traveller numbers.
Australian Property Journal
