Automative giant Scania has leased a distribution centre in the heart of Melbourne’s North for its spare parts business.
The 9364 sqm industrial facility in Campbellfield offers multiple loading areas, high clearances and extensive turning capabilities.
Commercial real estate services and investment firm CBRE negotiated the 10-year lease transaction for Centennial Industrial & Logistics.
The lessor purchased the site late last year, and intends to develop a further 7500 sqm of the low-site coverage property.
Daniel Ermano of CBRE says the transaction underlined the current strength of Melbourne’s industrial leasing market.
“Prime grade distribution centres within Melbourne’s north continue to be highly sought-after from occupiers,” he says. “This is paving the way for an expected influx of speculative development through the final quarter of this year and first quarter of 2022 to meet the increased demand.”
CBRE says Melbourne’s lease absorption of existing buildings in the first quarter of this year has been at a record high.
80,000 sqm of property has been leased in the city so far this year.