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Market Wrap: Pellicano wins big tenant in $3.1 million deal

Online accounting software provider MYOB will move its technical engineering team to 167 Cremorne Street in Richmond. The Logis Estate is emerging as one of the most active industrial precincts with 76,000 square metres of space pre-committed and more than 61,000 square metres of speculative development transacted in the past 18 months.
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LEASES

Moorabbin

Transtar International will expand into an additional 2413 square metres of warehouse space at Pellicano’s Parkview Estate business park, in a deal worth $3.1 million. Transtar is already a tenant in the park, occupying 4374 square metres, but the privately owned international logistics firm will increase its occupancy to 6787 square metres. The deal was brokered direct through Pellicano managing director Renato Pellicano. Mr Pellicano said low vacancy rates coupled with rising land values had prompted the estate to refocus from industrial to commercial office space with a sixth office building under construction and a seventh to start in March taking the estate’s total commercial office space of 26,000 square metres.

Dandenong South

The Logis Estate is emerging as one of the most active industrial precincts with 76,000 square metres of space pre-committed and nire than 61,000 square metres of speculative development transacted in the past 18 months. Three of the most recent transactions include a 2280-square-metre property at 82-84 Logis Boulevard, a 1880-square-metre facility at 115-117 Logis Boulevard and a 1510-square-metre purpose-built facility at 20-22 Smeaton Avenue. CBRE’s James Jorgensen​ leased the three properties to Abrasiflex, Con-Struct Ramsay and Advantech Australia respectively, with further activity in the pipeline. “This level of pre-commitment and speculative development involving office/warehouses of 2000 square metres to 7000 square metres has been unseen elsewhere in Melbourne’s south-east,” Mr Jorgensen said.

Richmond

Online accounting software provider MYOB will relocate its technical engineering team to 167 Cremorne Street after striking a seven-year lease deal. CBRE’s Caitlin Murdoch negotiated the 2755-square-metre agreement in a converted warehouse. The deal is the largest office lease transaction to have been negotiated in Richmond since Ford’s early 2015 commitment to 2400 square metres of space in 600 Victoria Avenue. MYOB’s 200-strong engineering team will relocate from the company’s headquarters at 235 Springvale Road in Glen Waverley.

Braeside

Cheltenham Youth Club has signed a 10-year lease for a warehouse at 126 Woodlands Drive in Melbourne Water developed Woodlands industrial estate. The non-for-profit club will take 2104 square metres of space and pay net annual rental of $137,000. Elsewhere, Goldpeg International has signed a five-year lease for 2510 square metres at 77 Malcolm Road on undisclosed rental and Waterworks has signed a three-year deal at 1/119 Woodlands Drive for annual rental of $50,000. Knight Frank’s Adrian Garvey, Dean Kimitsis​ and Stuart Gill brokered the deals.

Port Melbourne

Trades training group Trades College Australia has recently leased a Port Melbourne office/warehouse, in a move that signifies the early strength of the city fringe industrial market. CBRE’s Daniel Eramo​ and Guy Naselli​ negotiated the $70,000 a year lease of 200 Turner Street on behalf of a private owner. Trades College committed to a three-year term plus further terms at the 468-square-metre property, which has a mix of warehouse and office space.

Mulgrave

In Melbourne’s eastern sbuburbs, doTERRA​ Australia has relocated from Ferntree Business Park in Notting Hill to 271 Wellington Road in  Mulgrave, as its Australian operations continue to grow. In a deal negotiated by Colliers International’s Ash Dean, the group will lease 377 square metres on a five-year lease at $285 a square metre. In another deal negotiated by Dean and Damien Adkins, F45 Fitness have opened a South Yarra studio in 211 square metres of ground-floor space at 10 Yarra Street for $455 a square metre for five years.

MOVERS

Fitzroys has appointed Chris James as a senior manager in its metropolitan team. The firm has also hired Terence Yeh, who would focus on inner and middle suburbs to help expand Fitzroys’ growing Asian client base, director David Bourke said.

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