This article is from the Australian Property Journal archive
KROST Business’ Melbourne operations are expanding, as the office manufacturer and supplier upsizes into Charter Hall’s MidWest Logistics Hub in Truganina, VIC.
Scheduled for completion within weeks, Krost’s for a 7,956sqm facility is located in Warehouse 1 on Felstead Drive in the Charter Hall hub, sitting around 22km west of the Melbouren CBD.
Tom Murphy, Fergus Pragnell, Ricardo Cappelletti and Moshe Greengarten from CBRE negotiated the tenancy on behalf of Charter Hall, who had their own Ian Parry and Daniel Nguyen overseeing the leasing transaction.
Krost, which was established in 1989, is relocating from its current Victorian distribution centre in Altona North and starting a new 10-year lease at the Truganina site.
The property boasts two loading docks, with six on-grade roller doors and 500sqm of corporate office space over two levels, as well as the capacity to accommodate 9,000 pallets.
The Australian office and commercial provider was already a client of Charter Hall, already holding a tenancy for a 8,170sqm manufacturing and warehousing site in Sydney.
“MidWest Logistics Hub sets a new benchmark in warehouse and logistics facilities incorporating state-of-the-art design features and sustainability initiatives,” said Pragnell.
Vaughn Constructions is delivering the hub, which is the last masterplanned logistics estate of scale between Truganina and the Port of Melbourne.
Development at Midwest began in October of 2019, with Charter Hall securing its the first pre-lease to Toll Group for a temperature controlled 44,000sqm facility, with each facility at the time targeting a 4-star Green Star Design and As-Built rating, with plans to incorporate various sustainability initiatives including 100-300kw solar PV systems and LED warehouse lighting, in addition to rainwater harvesting.
“Providing easy access to greater Melbourne, the CBD and the Port of Melbourne, it’s a perfect fit for Krost and its growing Victorian operations,” added Pragnell.
2021 marked the highest ever year for industrial and logistic investment sales, with $16 billion spent on the sector, with Real Capital Analytics Australia Capital Trends reporting industrial deals across the country increased by 71% over 2021 to $28 billion.
