Melbourne, 13 March 2016 – Automotive group, Port Melbourne Motor Traders has recently leased a Port Melbourne warehouse, in a move that signifies the early strength of the city fringe industrial market.
CBRE’s Guy Naselli and Harry Kalaitzis negotiated the lease of 520 Graham Street on behalf of Goodman. The tenant committed to a five year term.
The 4,380 sqm property offers a mix of warehouse and office accommodations, ample car parking and convenient access to major arterial roads.
Mr Naselli said the tenant was attracted to the site’s close proximity to the Westgate Freeway and CBD, which suited its business operations.
“Port Melbourne Motor Group saw the 520 Graham Street site as a real opportunity to secure a major facility in the tightly held commercial precinct.”
“The lease comes following the recent government rezoning of a large proportion of Port Melbourne sites to residential, which should encourage increasing buyer and tenant interest for sites in the area,” said Mr Naselli.
“The zoning changes are further expected to deliver windfall profits to local land holders, as exemplified by the strong buyer interest in the sale of Holden’s former manufacturing plant in Port Melbourne.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.