Full industrial occupancy in Coburg North driven by occupier demand

Locally based wholesaler and distributor of packaging supplies, Venus Packaging has leased a 4,947sqm purpose-built warehouse in Coburg North as part of their continued business expansion. 

Located at 105 Newlands Road, the warehouse is the last remaining industrial tenancy at the newly developed 6ha industrial estate by Banco Group. 

Banco Group purchased the site for $8 million in 2015 and began redevelopment in 2019. The estate comprises 41 tenancies totaling over 30,000sqm and received significant enquiry interest from food manufacturing occupiers given the estate’s gas and power infrastructure.

Banco Group will now draw their focus to their next industrial development project at 400 Mahoneys Road, Campbellfield, an 8.51ha development site which they purchased in 2021. 

CBRE’s Joe Brzezek and Daniel Eramo negotiated the lease on behalf of Banco Group, whilst Nelson Alexander’s Damien Theisz represented Venus Packaging.

“Coburg North is a strategic inner northern industrial precinct with direct access to Melbourne’s fringe commercial precincts, which has seen a growing trend of inner CBD commercial occupiers expand to Coburg North,” Mr Brzezek said.

Mr Eramo added, “There has been a significant undersupply of industrial tenancies for lease between 4,000 – 6,000 sqm over the past 18 months, which has seen this building size category see the largest rental growth over this period compared to any other tenancy size.”