Melbourne

Prompt decision sparks new lease in Somerton industrial hub

Leading 3PL provider Prompt Distribution is expanding its Melbourne operations after securing a new warehouse facility in Somerton.

16 May 2018

Leading 3PL provider Prompt Distribution is expanding its Melbourne operations after securing a new warehouse facility in Somerton. 

The group has relocated from its previous home in Heidelberg West to an 8,272sqm office and warehouse property at 91-105 Freight Drive in Melbourne’s northern industrial hub of Somerton. 

CBRE’s Daniel Eramo and Daniel De Sanctis negotiated the five-year lease term for an annual rental of approximately $455,000. 

Mr Eramo said the deal highlighted the continued attraction of Somerton as a key industrial precinct. 

“With Melbourne’s northern industrial vacancy at an all-time low – sitting at approximately 1% - there continues to be a strong demand/supply imbalance, with properties such as this strongly sought after by competing occupiers,” Mr Eramo said. 
 
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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.

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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.