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18-04-2015, 05:42 PM
Australand wins new office tenants
Nick Lenaghan
379 words
17 Apr 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
Diversified property player Australand, which was taken over by Frasers Centrepoint last year, has locked in a series of suburban office deals in Melbourne in recent weeks.
The transactions include commitments from Repco at Australand's Rowville development, and from Mazda and Monash University at its Mulgrave estate.
"The recent activity demonstrates the market's appetite for high-quality business park space with good amenity and access to transport," said Anthony Maugeri, general manager for commercial and industrial in the southern region.
Sean McMahon, executive general manager for commercial and industrial, said many of Australand's industrial tenants also took up tenancies in its suburban business parks.
"Coles, Kmart, and Toll are large industrial customers of ours and we have also housed them in suburban business park accommodation. And in respect of these new transactions, Repco and Mazda are also industrial customers."
GPC Asia Pacific has committed to a 12-year lease for its local operations, including the Repco Australia support office.
The development will be designed and constructed by Australand at its Stamford Business Estate on Stud Road in Rowville. The 4000-square-metre office building will have an end value of around $20 million when completed late next year.
John Moller, managing director of GPC Asia Pacific, said the investment follows the addition of 44 stores to the company's portfolio since April 2013.
It has also committed to delivering a new 21,900-square-metre distribution centre in Brisbane this year.
Meanwhile, at Mulgrave, in Melbourne's south-east, Australand's new estate on Wellington Road is winning new tenants. It was launched in late 2014 and is a joint venture between Australand and CIP.
Monash University has committed to 7825 sq m of a 12,718 sq m seven-storey development. The deal was struck at a net face rent of $369 per sq m, including car parking.
Also at Mulgrave, Australand has struck a pre-lease with Mazda Australia for the design and construction of its new national headquarters.
The two-storey office, showroom and warehouse development will be 6710 sq m when completed next year. Mazda has committed to an initial 10-year lease at a net face rent of approximately $370 per sq m.
Fairfax Media Management Pty Limited
Document AFNR000020150416eb4h0001m
Nick Lenaghan
379 words
17 Apr 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
Diversified property player Australand, which was taken over by Frasers Centrepoint last year, has locked in a series of suburban office deals in Melbourne in recent weeks.
The transactions include commitments from Repco at Australand's Rowville development, and from Mazda and Monash University at its Mulgrave estate.
"The recent activity demonstrates the market's appetite for high-quality business park space with good amenity and access to transport," said Anthony Maugeri, general manager for commercial and industrial in the southern region.
Sean McMahon, executive general manager for commercial and industrial, said many of Australand's industrial tenants also took up tenancies in its suburban business parks.
"Coles, Kmart, and Toll are large industrial customers of ours and we have also housed them in suburban business park accommodation. And in respect of these new transactions, Repco and Mazda are also industrial customers."
GPC Asia Pacific has committed to a 12-year lease for its local operations, including the Repco Australia support office.
The development will be designed and constructed by Australand at its Stamford Business Estate on Stud Road in Rowville. The 4000-square-metre office building will have an end value of around $20 million when completed late next year.
John Moller, managing director of GPC Asia Pacific, said the investment follows the addition of 44 stores to the company's portfolio since April 2013.
It has also committed to delivering a new 21,900-square-metre distribution centre in Brisbane this year.
Meanwhile, at Mulgrave, in Melbourne's south-east, Australand's new estate on Wellington Road is winning new tenants. It was launched in late 2014 and is a joint venture between Australand and CIP.
Monash University has committed to 7825 sq m of a 12,718 sq m seven-storey development. The deal was struck at a net face rent of $369 per sq m, including car parking.
Also at Mulgrave, Australand has struck a pre-lease with Mazda Australia for the design and construction of its new national headquarters.
The two-storey office, showroom and warehouse development will be 6710 sq m when completed next year. Mazda has committed to an initial 10-year lease at a net face rent of approximately $370 per sq m.
Fairfax Media Management Pty Limited
Document AFNR000020150416eb4h0001m