Derrimut warehouse leased to pet retailer

Derrimut warehouse

Colliers industrial agents Charlie Woodley and Hugh Gilbert have successfully leased Warehouse B, 1-7 Key West Place, Derrimut, on behalf of MultiGate Medical Products.

Family-owned online pet retailer Budget Pet Products secured the 7201 sqm brand-new office and warehouse facility as it expands its operations into Melbourne.

“The deal was secured just as the speculative development reached practical completion, with the lease date commencing in the coming weeks,” says Charlie Woodley, Associated Director at Colliers.

“Despite rising interest rates and market uncertainty, Melbourne’s west continues to perform exceptionally well. Melbourne’s west vacancy currently sitting at 0.74 per cent, combined with strong demand from tenants requiring speculative development, will ensure that the rental growth story continues.”

Located in Derrimut’s tightly held Park West industrial estate, just 17 km from Melbourne CBD, the asset benefits from direct exposure to the Western Highway and immediate access to the Deer Park Bypass, allowing connectivity to Melbourne’s wider arterial network.

“For 2024, the speculative pipeline currently sits at around 295,000 sqm of supply,” adds Hugh Gilbert, Colliers’ Joint Head of the Victorian Industrial Business.

“However, healthy commitment levels have already been recorded, providing a window of opportunity for landowners in Melbourne to capitalise on a period of high occupier demand and limited speculative supply over the next 18 months.”

For more information on Colliers, click here.

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