Melbourne’s Spooner family has secured four additional occupiers for its fast-expanding Caribbean Park office project in deals totaling circa 5,000sqm.
Automotive heavyweight Toyota Financial Services has committed to a new hub at Caribbean Park, leasing 2,500sqm of space.
Along with Toyota, electronic products distributor Hisense has committed to 784sqm, diversified materials manufacturer Nitto Denko has leased 760sqm and energy company Aus Net has signed for 720sqm of space.
All four leases were negotiated through Elise Betts and Gianni McDonald of CBRE. They follow a recent commitment by co-working/serviced office company Waterman to a new 7500sqm Caribbean Park office building, which is tipped to be the largest co-working hub in Australia.
The newly announced deals have been secured at net rents ranging between $280-$300 a square metre, with Toyota Financial Services having committed to a 10-year lease agreement.
“A real attraction for Toyota Financial Services was the ability to secure a campus-style office with on-site amenity, including a gym and child care facilities, and a high level of car parking” CBRE’s Mr Macdonald said.
Malcolm Hunter from Independent Corporate Property acted on behalf of Toyota Financial Services.
Mr Macdonald said another major pre-commitment was pending, which would take out the remaining available space in Stage 1&2 – boosting the quantum of space leased at the park to 32,000sqm over the past two years.
These include leases to a roster of high profile occupiers, among them consumer and commercial goods group Newell Rubbermaid, German appliance maker Miele, insurance brokers Austbrokers Countrywide and motor vehicle insurer AVEA Insurance.
Caribbean Park Director Ben Spooner said the feedback from tenants had centred on the fact that the park was helping occupiers achieve their business transformation goals.
“We always envisaged that Caribbean Park would have a compelling value proposition and I’m really proud that we’re delivering on our promise,” Mr Spooner said.
“With these recent commitments, Caribbean Park has proven itself to be a location of choice for global and local organisations in the financial services, professional services, marketing & consumer products, information systems & technology and automotive sectors.”
The master-planned office precinct complements 200,000sqm of existing industrial facilities at Caribbean Park, alongside the iconic Caribbean Market, generous open spaces, meticulously maintained landscaping and a lake.
CBRE’s Ms Betts noted that the parkland setting at Caribbean has been a real differentiator, providing a level of amenity not presently available in other city or suburban office precincts.
Stage 3 of Caribbean Park is currently under construction and due for completion in Q1, 2019. It will provide a lettable area of 9,000sqm across two buildings in addition to an integrated, multi-deck car park and ground floor retail space.
“We already have significant interest in the next two buildings under construction in Stage 3 and expect to announce further high-profile lease commitments over the course of the year,” Ms Betts said.
Up to 250,000sqm of office space is proposed for Caribbean Park in the medium term.
Automotive heavyweight Toyota Financial Services has committed to a new hub at Caribbean Park, leasing 2,500sqm of space.
Along with Toyota, electronic products distributor Hisense has committed to 784sqm, diversified materials manufacturer Nitto Denko has leased 760sqm and energy company Aus Net has signed for 720sqm of space.
All four leases were negotiated through Elise Betts and Gianni McDonald of CBRE. They follow a recent commitment by co-working/serviced office company Waterman to a new 7500sqm Caribbean Park office building, which is tipped to be the largest co-working hub in Australia.
The newly announced deals have been secured at net rents ranging between $280-$300 a square metre, with Toyota Financial Services having committed to a 10-year lease agreement.
“A real attraction for Toyota Financial Services was the ability to secure a campus-style office with on-site amenity, including a gym and child care facilities, and a high level of car parking” CBRE’s Mr Macdonald said.
Malcolm Hunter from Independent Corporate Property acted on behalf of Toyota Financial Services.
Mr Macdonald said another major pre-commitment was pending, which would take out the remaining available space in Stage 1&2 – boosting the quantum of space leased at the park to 32,000sqm over the past two years.
These include leases to a roster of high profile occupiers, among them consumer and commercial goods group Newell Rubbermaid, German appliance maker Miele, insurance brokers Austbrokers Countrywide and motor vehicle insurer AVEA Insurance.
Caribbean Park Director Ben Spooner said the feedback from tenants had centred on the fact that the park was helping occupiers achieve their business transformation goals.
“We always envisaged that Caribbean Park would have a compelling value proposition and I’m really proud that we’re delivering on our promise,” Mr Spooner said.
“With these recent commitments, Caribbean Park has proven itself to be a location of choice for global and local organisations in the financial services, professional services, marketing & consumer products, information systems & technology and automotive sectors.”
The master-planned office precinct complements 200,000sqm of existing industrial facilities at Caribbean Park, alongside the iconic Caribbean Market, generous open spaces, meticulously maintained landscaping and a lake.
CBRE’s Ms Betts noted that the parkland setting at Caribbean has been a real differentiator, providing a level of amenity not presently available in other city or suburban office precincts.
Stage 3 of Caribbean Park is currently under construction and due for completion in Q1, 2019. It will provide a lettable area of 9,000sqm across two buildings in addition to an integrated, multi-deck car park and ground floor retail space.
“We already have significant interest in the next two buildings under construction in Stage 3 and expect to announce further high-profile lease commitments over the course of the year,” Ms Betts said.
Up to 250,000sqm of office space is proposed for Caribbean Park in the medium term.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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 (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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 (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
