DHL leases bulk of ex-Myer distribution centre
Lendlease has secured logistics giant DHL to the bulk of the former Myer distribution centre, in Melbourne.
The asset manager’s Australian Prime Property Fund Industrial will revamp an improvement at 121-139 Dohertys Road, Altona North, for the tenant.
The high-tech complex spans nine hectares.
DHL is scheduled to move in next October.
APPFI refills site
APPFI paid Dexus $38.15 million – a 6.25 per cent yield – for the Myer distribution centre site in 2018.
The holding spanned 11.6ha with a 30,400 square metre improvement, marketed for its low site-coverage.
The retail giant was on a lease expiring in 2024 (it has since moved to a 40,000 sqm Ravenhall facility).
A two hectare piece in 2021 made way for a 9,637sqm office/warehouse – since rented out.
DHL’s lease term for the balance is undisclosed but described as long-term.
“This partnership with DHL Supply Chain highlights the continued strength of the demand for premium logistics facilities in well-located infill markets,” APPFI fund manager, Tim Simpson, said.
“The project demonstrates our ability to reposition and partner with leading global occupiers to deliver long-term, high-quality outcomes for our investors,” he added.
“As supply chains evolve and customer expectations increase, occupiers are placing a premium on proximity to major population centres and transport infrastructure,” according to the executive (continues below).
“Assets like 121 Dohertys Rd in Altona North are uniquely positioned to meet that demand”.
DHL grows portfolio
DHL Supply Chain Australia and New Zealand chief executive Steve Thompsett said the Altona North facility would add capacity to the company’s Melbourne network.
In late 2020, realestatesource.com.au reported the group leased an enormous Mickleham warehouse owned by Fife Capital, conceived for Kaufland.
“We are pleased to be partnering with Lendlease and APPF Industrial on this development, which supports both our customers’ ambitions and our long-term growth in Australia, the executive added.
“As our customers grow and their supply chains needs become more complex, it’s important that we continue investing in the right infrastructure to support them,” according to the executive.
“The new facility in Melbourne will strengthen our network, provide capacity for future growth and help us deliver the reliable, flexible service our customers expect”.
Altona North is about 10 kilometres west of Melbourne’s CBD.
Also this week realestatesource.com.au reported QLS extended its lease at a Frasers Property Industrial estate in Melbourne’s south-east.
Colliers’ Gordon Code and David Follacchio were the agents.
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