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Centennial attracts four new industrial tenants to its inner-ring Melbourne warehouse assets in one month
Centennial locks in four new tenants across three inner-ring Melbourne industrial and logistics facilities in past month
Over 21,700sq m leased across three sites at Campbellfield, Tottenham and Brooklyn
Melbourne industrial infill vacancy rates remain tight at 0.7 per cent (according to Cushman Wakefield’s Q1 2024 industrial vacancy report)
Centennial continues to execute its urban mid-space strategy with precision and scale
MELBOURNE, VIC: Demand for mid-space industrial tenancies in Melbourne’s inner-ring suburbs is running high, which has led to three Centennial-owned industrial assets attracting four new tenants who have collectively leased over 21,700sq m in space in just one month.
The largest leasing deal has been signed by global smallgoods processor, JBS Foods, which has leased an 8,133sq m warehouse at Centennial’s Brooklyn Distribution Centre, 13 kilometres west of Melbourne’s CBD.
JBS has signed a 10-year lease and will move into its new Victorian premises at 600 Geelong Road, Brooklyn in May 2024 through a deal brokered direct by the Centennial Team. The new JBS lease expands on an existing relationship Centennial has with the multinational food manufacturer that is also the anchor tenant at its 5.3ha I&L cold storage facility at Prestons in Sydney’s south west.
Joining JBS at the Brooklyn Distribution Centre is supplier of standard and custom-made PVC conduit bends and fittings, Sunbeam Alpine, which has signed a 5-year lease on a 1,207sq m warehouse. Sunbeam is expected to take up its new space in 1 May 2024 with agent Luke Dunstan of JLL assisting with the deal.
Twelve kilometres west of Melbourne’s CBD in the industrial inner-ring suburb of Campbellfield is Centennial’s Somerton Park Drive Distribution Centre which has leased an 8,015sq m industrial facility to national transport and logistics giant, Centurion over a 5-year term. The lease was brokered by Knight Frank’s Daniel DeSanctis and Thomas Dodd and Centennial was delighted to secure Centurion as a tenant with minimal vacancy
Centennial’s 10.3ha Tottenham Industrial Park, 9 kilometres from the CBD, rounds out the latest leasing surge with its last remaining office/warehouse space snapped up by Asia-Pacific automotive parts group, GPC (Repco). GPC secured the remaining 4,416sq m warehouse B over a 5-year lease, comprising storage, office and showroom spaces that was negotiated by CBRE’s Fergus Pragnell and Lachlan May.
GPC joins Tottenham Industrial Park’s two other tenants, Cleanaway and US-shoe manufacturer, Florsheim to fill the available tenancy spaces at the newly redeveloped last mile industrial park, centrally located to major arterial road, rail and port networks.
Centennial’s Executive Director, Paul Ford said he was pleased with the level of leasing activity the group’s Melbourne asset leasing team has generated.
“In the past month, our Melbourne team has secured four national and internationally recognised tenants, cumulatively covering more than 21,700sq metres of leasing space.
“The strength of Melbourne’s industrial market remains very robust, especially in the mid-space, infill and last mile subsectors where competition for sites is very high,” Mr Ford explained.
“These recent major deals demonstrate Centennial’s strength in identifying and bringing to life once often overlooked and undervalued sites and turning them into prized and sought-after industrial premises worthy of attracting high calibre tenants and very favourable leasing outcomes.”
