A Port Melbourne business park has welcomed three new tenants, amid growing demand for industrial property in the Fisherman’s Bend precinct.
The Bund Business Park, located at 580-600 Lorimer Street, is a high-quality industrial business park comprising multi-level office/showrooms and warehouses ranging from 502sqm – 2,437sqm.
After opening in June, the park has welcomed its first tenants – Macquarrie Corp, Stage My Car Pty Ltd and a private group.
In the first transaction, Macquarrie Corp has signed a six-year lease on a 1,200sqm space, while Stage My Car will occupy 500sqm at the park for an initial five-year term. In the third transaction, a private group specialising in electronics will lease 1,000sqm for five years. Rentals range from between $190 per square metre - $200 per square metre (net).
CBRE’s Jake George commented on the transaction activity: “The brand-new development has been a long time coming and attracted strong enquiry already. Tenants are wanting to lock in long leases in the Fisherman’s Bend precinct given all the redevelopment proposed over the next few years, south-side of the freeway.”
Fellow CBRE leasing agent Ben Quennell said the location and quality of the property was attracting a diverse mix of tenants.
“With a mix of office and warehousing in this premium waterfront precinct, there is a lot of strong interest from corporate tenants,” Mr Quennell said.
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CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.