CBRE’s Joe Brzezek and Daniel Eramo have secured a tenancy on behalf of Centennial with supply chain provider Galaxy Hub in the Melbourne suburb of Epping.
The investment management firm says the 3PL company is expanding its operations in Melbourne’s north by renting the 6044 sqm DC at 348 Cooper Street for an annual net rent of $513,740 on a three-year lease.
“The current vacancy in Melbourne’s north is less than one per cent, and several pending lease transactions will bring that down to less than 0.5 per cent over the coming weeks,” Joe says.
“It is the tightest industrial leasing market ever recorded in Melbourne’s north, which is a significant problem for many of the growing industries in the precinct,” he adds.
He says CBRE expects this issue to encourage industrial development in the area over the coming years.
“The fact that we are at 100 per cent occupancy only months after settlement provides continued support for our ‘mid space’ strategy and our ability to identify and reposition quality assets,” Paul Ford, Centennial’s Executive Director, and Industrial & Logistics CEO, says.
CBRE notes Galaxy Hub also occupies a DC in the western suburb of Derrimut while Centennial purchased the Epping property in late 2021.
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