This article is from the Australian Property Journal archive
BATHROOM and plumbing supplies company Reece Plumbing has continued its expansion, hooking up a 10-year lease with options over 1,900 sqm in Melbourne’s popular inner suburb of Richmond.
It will pay around $270,000 per annum for the 51-53 Murphy Street warehouse facility, located just off Burnley Street and close to Bridge Road.
Teska Carson’s Tom Maule and Larry Takis negotiated the deal on behalf of a Melbourne-based private investor.
Maule said the facility was ideally suited to Reece’s requirements for a warehouse providing quick and easy access both from the building itself and to key Melbourne arterials.
“This was a very good fit for Reece especially given the two street frontages, the relatively close proximity to Bridge Road and both the M1 and Eastern freeways, and the real scarcity of similar 1000 to 2000 sqm facilities in the inner suburbs,”
Maule said industrial properties like this in Melbourne’s suburbs are mostly being developed and what is left is very tightly held.
Earlier this year Reece agreed to another new lease in Richmond, at 641-643 Bridge Road, in a deal brokered by Teska Carson’s Matthew Feld. Reece will pay about $260,000 per annum for the 640 sqm showroom space over eight years.
Australian Property Journal
