Mazda zooms into new Melbourne distribution hub
Frasers Property has secured Mazda Australia as the anchor tenant for a new industrial estate it is developing in Melbourne’s north.
The car maker will lease a 37,235sq m national parts and distribution facility within Frasers’ 4Ten Epping estate at 410 Cooper Street in Epping on a 10-year term starting in 2021.
It’s the second big Melbourne industrial leasing deal struck by Frasers this month, after CEVA Logistics agreed to lease a new 37,307sq m warehouse within its West Park Industrial Estate in Truganina.
The Mazda lease comprises a 36,275sq m warehouse, 960sq m office and 140 car spaces. The new facility is expected to be completed in December.
Frasers did not disclose the value of the deal.
Prime industrial rents range from $70 to $80 per square metre in Melbourne’s north with incentives between 15 to 25 per cent, according to a Savills report.
Mazda will move from a smaller warehouse and office space at 880 Cooper Street in nearby Somerton, highlighting a major theme in the industrial property sector – consolidation by retailers and manufacturers into larger and more modern distribution facilities.
William Kerr and Peter Kerr from Kerr Group brokered the Mazda transaction…
This article is from The Australian Financial Review, you can read the full article here: