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Champion Compressors has signed one of the biggest industrial lease deals in the south-eastern suburbs for the year, taking almost 11,000 square metres of space recently vacated by electrical manufacturer Mistral.
Ending a hunt which started late last year, Champion – whose parent company is the United States based United Technologies Corporation - will relocate from Marlo Place Hallam to 324 – 332 Frankston Dandenong Road, Dandenong South, later this month.
The deal includes 8,000 square metres of warehouse space, 2,800 square metres offices and approximately 100 car parks.
Champion manufacturers air compressors for the industrial and construction industries.
Jones Lang LaSalle associate director corporate solutions Georgia Hundt said Champion required premises that allowed for its expanding business, were cost effective and provided adequate freeway access and parking for employees.
Ms Hundt confirmed Champion did consider new purpose built facilities, before deciding on the Dandenong South site. Mistral vacated the building earlier this year after it was bought by Clipsal. The Dandenong South property, which it owned, was sold to AMP.
Ms Hundt would not disclose the rent Champion is paying, but according to its most recent research reports, prime industrial rents in Dandenong South average about $71 per square metre after incentives.
Champion is the latest in a string of industrial businesses to appoint a tenant representative to find its next accommodation. Traditionally tenant representation has been limited to office tenants.
“The south-eastern suburbs present both development and existing building options,” said Ms Hundt. “As travel and logistics of location become more important, tenants are requiring specialist advice in assessing what today’s business need is and ensuring their new building delivers this with no surprises, and importantly meets their needs today and in the future.”
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