Aspen Signs Autobahn to Former Pacific Brands Nunawading Headquarters
The facility was built about 20 years ago and includes a 2500 square metre office and an ample car park. The starting annual rent is $1.4 million.
Aspen paid $28 million for the major asset in late 2005, when Pacific Brands, the only tenant, had five years left to run on a 15 year lease.
The Autobahn deal will substantially extend the weighted average lease profile of the Aspen Diversified Fund the asset belongs to, according to Aspen head of commercial property Jamie Smith.
Autobahn CEO and V8 driver Paul Dumbrell said the new Nunawading headquarters is four times the size of its outgoing Terracotta Drive facility, which is now for lease. The company which has more than 100 stores nationally expects to move to Station Street by the end of the year.
Knight Frank’s national industrial director James Templeton said transport and logistics users are increasingly seeking quality locations close to major transport links, and that supply is limited.
