Brisbane, 28 January 2016 – One of Brisbane’s leading shutter manufactures and distributers, Shutterflex has leased a 3,060sqm warehouse in Crestmead to consolidate its existing operations.
CBRE’s Sam Higgins and Jack Pershouse negotiated the lease agreement for 74 - 76 Magnesium Drive on behalf of the Lee Family. The tenant committed to a five-year term, with option for five-year extension.
Mr Higgins said the building was ideally suited to Shutterflex in terms of value for money, spacious warehouse layout, building size and the owner's flexible attitude towards future expansion.
"Shutterflex was originally hesitant to lease the property due to the dated office accommodations and external façade, so the owner committed to undertaking a refurbishment of these areas to secure the desirable tenant."
"The property owners took a long term view of the tenant and their ability to partner with the business. This is an approach we have not seen adopted previously and the lessee and lessor have forged a very tight understanding of each other's business operations and requirements," Mr Higgins said.
Mr Pershouse added the site provided an ideal opportunity for Shutterflex to consolidate its two existing tenancies in Acacia Ridge into one facility, reducing capital outlays.
“Crestmead currently offers the best value leasing in the Brisbane and Logan Corridor, with many industrial buildings offering underground gas, generous power and large flat areas for truck circulation," said Mr Pershouse.
"The area has attracted many new businesses over the past year, with more opportunities for tenancies still available. CBRE currently has two quality concrete tilt panel buildings with high internal clearances for lease at rental rates of between $80 and $105psm," said Mr Higgins.
"Crestmead is easily the best value for leasing in the Logan Motorway Corridor and Logan Shire and we are confident more deals will be done in this precinct when the market realises the value proposition of this area."
Industry sources suggest the likely rent for properties similar to74 - 76 Magnesium Drive are between $90 and $95 per sqm net, with outgoings paid by the lessee.
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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 2014 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.