Cargo Park refurbishment drives string of transport and logistics leases
The $7.5 million refurbishment of Melbourne’s Cargo Park business estate has driven the lease of over 6,000 sqm of office and warehouse space in the first half of 2018.
25 Jun 2018
Raw Global is the latest business to secure tenancy at 1 International Drive, Tullamarine, which totals 17,655sqm and comprises 35 offices and 35 warehouses.
The company, which specialises in international freight services, has taken a two-year lease term over 128.1 sqm at a rental rate of $200 per sqm, with CBRE’s Amanda Traficante negotiating the term.
The recent lease deal has brought the business park’s occupancy rate to 85%, compared to 60% over eight months ago.
Around 2,540sqm of office space across 11 tenancies remains available, presenting an exciting opportunity for businesses involved in logistics, aviation, finance and insurance - due to its close proximity to Tullamarine Freeway and Melbourne Airport. Tenancies range from 60sqm – 550sqm and are suitable for a diverse range of business types and sizes.
“The location of Cargo Park is unmatched. It is surrounded by an abundance of amenity including Gladstone Park Shopping Centre which comprises over 100 retailers, a medical centre and major banks. The businesses within the estate are also exposed to up to 120,000 passing vehicles which travel along the freeway per day,” Ms Traficante said.
“A key driver of interest in Cargo Park however, is the flexibility it offers businesses hoping to expand and contract within a secure estate. Similarly, it is easily adaptable to tenants’ changing operational requirements.”
Tenants of Cargo Park also benefit from fantastic signage potential to the bustling freeway. Additionally, the smart traffic planning provides B-double access from Melbourne Airport and excellent internal truck circulation for those businesses with a high dependence on airfreight logistics and general freight forwarding.
Other recent office transactions negotiated by CBRE include Alpha Click’s recent lease of a 47.5 sqm suite at $250 per sqm. Gavos Freight Solutions has secured a four-year lease at $194 per sqm. The new occupants join several other major tenants at Cargo Park including Visy Industries, Extreme Freight, Royal Express Group and Wholesale Logistics.
About CBRE Group, Inc.
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 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.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.