Melbourne, 22 June 2016 – Australia’s largest specialist packaging manufacturer, Integrated Packaging (IPG), has inked a 10-year lease with Stockland on its new Victorian distribution centre, located in the industrial hub of Somerton.
The modern, high clearance distribution centre at 10 Stubb Street, comprises 10,702sqm, including a 1,100sqm high quality office component.
CBRE’s Dean Hunt, who negotiated the deal in conjunction with Lindsay Davidson on behalf of Stockland, said the property’s location in the northern industrial market was pivotal to the deal.
“The supply of existing vacant buildings is decreasing in the northern market, particularly in the 10,000sqm category, where only 18 months prior, supply was considered significant,” Mr Hunt explained.
“Occupier activity in the area has continued to be buoyant since approximately mid-2015, which is providing confidence to owners and future investors alike to commit to this northern precinct.”
The property, which will accommodate IPG’s expanding operations, offered a cross dock area supported by drive around and drive through functionality.
The building’s capability to be split into the required size for tenancy was also a key benefit to the tenant.
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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.