Melbourne

Sokol Furniture leases state of the art logistics facility

Sokol Furniture has assigned the lease of an 8,650sqm state of the art logistics facility in Melbourne’s south east to a local logistics company.

15 Aug 2018

Sokol Furniture has assigned the lease of an 8,650sqm state of the art logistics facility in Melbourne’s south east to a local logistics company.

After deciding to outsource its warehousing, Sokol Furniture appointed CBRE to lease the distribution hub at 3/189-195 Discovery Road, Dandenong South, originally developed in 2015 and subsequently purchased by Charter Hall. 

CBRE’s David Aiello and James Jorgensen brokered the 2.5-year assignment of lease on behalf of Sokol Furniture for an annual rental of $85 per square metre (net).

Mr Jorgensen said the deal garnered a lot of interest, following an on-market leasing campaign.

“The campaign generated over 20 enquiries, with the property subsequently leased to a local third-party logistics provider who was relocating from a smaller warehouse in Noble Park,” Mr Jorgensen said.

Mr Aiello added that the strong interest in the property highlighted the tightening of supply in the south-east, and lack of genuine A-grade facilities of this size. 

“Developers should be very confident in pressing the button on their permitted spec projects in the Dandenong South precinct,” Mr Aiello said.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.

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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.