Brisbanes northern industrial market lures two new tenants
Brisbane's northern industrial market lures two new tenants
| 25 August 2016
CBRE has finalised two major industrial leases in Brisbane’s north involving Pabs Furniture Rentals and MTC Gas Pty Ltd.
Dun Munnich and Nick Witheriff negotiated the deals, which involve separate properties at Hendra and Northgate.
The larger transaction entails Pabs Furniture Rentals relocating to Stockland’s Hendra Distribution Centre at 17/420 Nudgee Road. The 1,878sqm warehouse, which offers frontage to Nudgee Road, has been leased for a term of seven years.
“We are seeing a continuing trend in the leasing market where tenants are relocating from the inner city fringe areas to industrial suburbs due to redevelopment of traditional city fringe industrial property,” Mr Munnich said.
“Pabs Furniture Rentals conducted an extensive search of the inner northern industrial market and ultimately selected to be located at Stockland’s Hendra Distribution Centre due to its high exposure to passing traffic on Nudgee Road and the availability of off-street parking.”
Established in 1962, Pabs Furniture Rentals is an Australian owned and operated furniture rental company. Its hire services include furniture and appliance rental, property styling and short or long term furniture rentals.
The company is relocating from East Brisbane on a lease which commences 1st September 2016. The annual rental is $187,000 net, plus outgoings and GST.
The second transaction involves 105 Crockford Street, Northgate.
MTC Gas Pty Ltd will be relocating to the 1,216sqm office/warehouse which occupies a site area of 2,600sqm.
CBRE’s Nick Witheriff said; “MTC Gas outgrew its previous premises in Stafford and required a freeestanding building with a lockable concrete hardstand. Once they inspected 105 Crockford Street the transaction was negotiated within just 48 hours.”
MTC Gas is a Brisbane-based, family owned company specialising in gas installation and maintenance. Started in 1989, the company has grown to offer a comprehensive range of services to Queensland’s major gas utilities, including APA, Origin Energy and AGL.
The company will relocate to its new Northgate home after agreeing a four year lease with a four year option. The lease commences 1st September 2016 and was struck at a net annual rental of $140,000pa net + outgoings and GST.
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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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.