MELBOURNE, 5 MARCH 2019
Frasers Property Australia (Frasers Property) has secured the company’s first tenant in its 23 hectare Braeside Industrial Estate. ASX listed IVE Group has signed a six-year lease with an end value over $21 million and is doubling its warehouse footprint.
Located on Canterbury Road in Melbourne’s Braeside, the 14,144 sqm state-of-the-art facility comprises two adjoining premises – a 13,444 sqm warehouse, 700 sqm office plus 110 car spaces. IVE Group is expanding from its existing 6,500 sqm premises on Atlantic Drive in Keysborough, which is owned by Frasers Logistics Trust.
The new building will achieve a 5 Star Green Star – Design & As-Built v1 certified rating from the Green Building Council of Australia. It features a 10 metre springing height, ESFR sprinklers and LED lighting.
Anthony Maugeri, General Manager – Southern Region Commercial & Industrial, Frasers Property Australia comments, “We are pleased to again assist IVE Group with their growth ambitions after completing the original transaction for Atlantic Drive in April 2015 for a speculative premise in Keysborough. The 5 Star Green Star credentials of the new building will significantly reduce energy and water usage costs for IVE Group.
“There is a low level of building vacancy in and around the Bayside precinct with limited direct competition due to a lack of developable land and tight land supply. Strong interest is coming from occupiers in and around the Braeside and Bayside areas who recognise the benefits associated with the proposed Mordialloc Bypass.”
Braeside Industrial Estate is a well-positioned industrial land parcel, located on the corner of Governor Road and the proposed Mordialloc Bypass, with construction set to commence by mid-2019. This new arterial will significantly improve transport links to the area.
Companies neighbouring the estate include Della Rossa Fresh Foods, Di Rossi Wholesale Suppliers, Geofabrics Australasia, Kinder Australia and Nissan Motorsport.
IVE Group will move into their new premises in April 2019.
Gordon Fallance from GJS Property brokered the deal