This article is from the Australian Property Journal archive
CONTINUED demand for industrial and logistics space has seen a speculative development within Melbourne Airport’s Business Park fully leased prior to completion.
Located at 64-74 Sky Road, the speculative development adds to Melbourne Airport’s 610ha Business Park, the largest of its kind in Australia. Australia Pacific Airports Melbourne (APAM) has fully leased its new 21,892sqm project, prior to practical completion in August this year.
Global logistics company Mode Logistics leased a 10,910 sqm warehouse and sportswear, fitness and lifestyle apparel brand Elite Eleven and APAM’s Aviation business each leased a 5,491sqm warehouse.
“We are delighted to have fully leased our first speculative development prior to construction completion,” Melbourne Airport head of development, Stuart Verrier said. “Working closely with the team at CBRE, this project has given us the confidence to commit to a further four speculative developments due for staggered commencement over the coming twelve months. Two of these have been released to the market and the level of interest is beyond our expectations.”
CBRE’s Daniel Eramo and Joe Brzezek negotiated the Mode Logistics and Elite Eleven deals on behalf of Melbourne Airport.
“APAM’s new tenants were drawn to the strategic location of the Melbourne Airport Business Park, providing excellent connectivity to all regions throughout Victoria, as well as direct access to Australia’s Eastern Seaboard,” Eramo said.
“Melbourne Airport and Tullamarine continue to generate high volumes enquiry in northern industrial precinct with 14 lease transactions over 4,000sqm in the past 18 months, accounting for approximately 250,000sqm of leasing absorption.” Brzezek said.
