This article is from the Australian Property Journal archive
A GLOBAL shipping storage company expanding into Australia has leased a strategic industrial site, in one of the largest hardstand leasing deals in the country this year.
GF Container Services leased a 48.480sqm hardstand at 79-85 Pipe Road in Laverton North, around 18km west of the Melbourne CBD.
Joel Davy, head of industrial logistics at Knight Frank negotiated the off-market deal on behalf of the owner, Hale, which plans upgrade the site and add a further 10,000sqm of container rated concrete hardstand to the site.
“A number of their customers want a global solution to their shipping and storage, and this is what the Laverton North site can offer,” said Davy.
“This is one of the largest hardstand leasing deals to be signed in Australia this year, demonstrating the strong demand for this property type. The inner western location of this property, with its proximity to freeway linkages, and long-term lease were both key to GF Container Services choosing this location to expand into Australia.”
Davy noted the limited supply of container rated sites in Melbourne’s inner west meant he fielded a number of enquiries during the campaign.
“There are very few hardstand sites left in the north west, with most developers building the biggest warehouses possible on their sites to maximise rental rates,” added Davy.
“We are working with a number of groups who missed out on this property to find a suitable premises to operate from.”
Knight Frank’s Australian Industrial Review Q4 2023, revealed the East Coast industrial vacancy increased by 7%, though vacancies are still sitting 42% below the level seen two years ago and 70% below the peak recorded in 2020.
In Melbourne’s west a private family recently sold its Truganina industrial investments for over $30 million on sub 4% yields.
