Billionaire beef barons lease Melbourne HQ
The country’s biggest processed meat producer, JBS Australia – an arm of JBS, controlled by Brazil based billionaire brothers Joesley and Wesley Batista – has leased a space at Port Melbourne’s prominent Citiport business park.
The deal for 1099 square metres on level three of 650 Lorimer Street will see the group upsize from nearby 187 Todd Rd.
It comes three years since JBS relocated administration and managerial functions previously undertaken at a Brooklyn distribution centre, to Todd Rd.
JBS is behind brands including Primo, Great Southern and the recently acquired Rivalea.
In 2020 it bought Huon following a high profile objection from billionaire miner Andrew Forrest.
The Port Melbourne office will accommodate its southern division.
The group’s northern division is based at Brisbane’s Riverview, about 10 kilometres from its local headquarters, in Wacol.
Access to west a factor: JBS
Lemon Baxter’s Chris Chartres brokered the Citiport lease deal for Wentworth Capital, which, then known as Nashcap, acquired the asset last year from GPT for $128 million with a three year weighted average lease expiry.
JBS said it chose the location given its proximity to the West Gate and its Brooklyn manufacturing plant and distribution centre (story continues below).
The rental agreement also includes 38 car parks.
“While Port Melbourne has an industrial reputation, there is currently a substantial transformation,” Mr Chartres said.
“We are seeing businesses increasingly opting to keep their industrial operations in the western part of the city while moving their head offices to Port Melbourne,” he added.
“This trend is fuelled by the availability of affordable, corporate office spaces complemented by generous parking allocations and convenient access to major freeway arterials and the CBD,” according to the executive.
‘This increase of office users into the Port Melbourne area is driving improvements in local amenities such as gyms, breweries and trendy cafes which are increasing and enhancing the overall appeal and lifestyle of the neighbourhood”.
GPT paid $61m for the 2.55 hectare Citiport in 2012. That seller, Salta, was the developer.
Mr Chartres is now offering 187 Todd Rd for lease.
Both properties form part of the employment precinct of Fishermans Bend – at 480ha, Australia’s biggest urban renewal project.
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