International leasing campaign launched at the Port of Melbourne
The Port of Melbourne has launched its largest leasing campaign in recent history, with the offer of eight separate opportunities totaling more than 165,000sqm.
30 Aug 2018
CBRE has been exclusively appointed to steer the campaign, which involves eight assets ranging in size from 5,500sqm to 68,600sqm, including office/warehouse space, hardstand areas and wharves.
CBRE Associate Director Guy Naselli said the International Expressions of Interest campaign was expected to generate significant enquiry, providing a rare opportunity to be located at the country’s largest container port.
“We expect to field interest from local, national and international companies, who can capitalise on the infrastructure, services and proximity of the port to significantly reduce business operating costs by locating at a significant point in the supply chain,” Mr Naselli said.
“The opportunity to secure long term leases of up to 48 years will be a key draw card. This tenure assists occupiers who require a degree of specialisation or a new building and provides the option to consider a purpose-built facility.”
Port of Melbourne CEO, Brendan Bourke, said that the Port’s 50-year lease created certainty in terms of future planning and investment for prospective tenants.
“As private manager of the port, Port of Melbourne is aligned with the commercial interests of our tenants and customers to grow the port and deliver least cost infrastructure to ensure a sustainable competitive supply chain,” Mr Bourke said.
“Port of Melbourne is committed to grow volumes with a focus on value creation through continued investment for future capacity.”
The Pacific Director of CBRE’s Supply Chain Advisory & Transaction Services business, Christine Miller, said the Port of Melbourne’s continued growth would be another driver of interest, with total trade 8.5% up for the 2017/18 financial year.
This was being propelled by Melbourne’s strong population growth, driving broad construction activity especially in residential and firm employment – driving port activity and enhancing the requirement for occupiers to leverage fast and efficient supply chains, Ms Miller said.
The available port properties are situated on Coode Road, Enterprize Road and South Wharf (Lorimer Street), within 4km of the CBD.
Mr Naselli added; “Demand for warehousing and hardstand in the inner west is particularly strong and the supply of appropriately located and available properties has reduced considerably. This supply and demand differential is driving considerable change in Melbourne’s western industrial sector, with a separation emerging in rent and land prices for inner western suburbs such as Altona North and Brooklyn due to the proximity to the Port of Melbourne.”For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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.