Building giant leases two Melbourne warehouses
Fletcher Building has leased two office/warehouses five kilometres apart in Melbourne’s south east.
The occupier chose the properties after investigating a pre-lease, existing and speculative projects.
Both are owned by Frasers Property Industrial.
The deals come six months since Fletcher – a significant manufacturer and home builder with several divisions – offloaded its Tradelink Supplies business to Metal Manufactures Pty Ltd for $170 million.
In 2022, the group sold a major Wacol, Brisbane, site it occupied to LOGOS, MKR and Mubadala which are replacing it with an industrial estate.
Fletcher doubles down in south east
In Keysborough, part of The Key business park, Fletcher has committed to a 11,207 square metre facility – warehouse B, 150-168 Atlantic Drive (pictured, top) – until recently occupied by a tyre company.
In Dandenong South meanwhile, the group has committed to a 5770 sqm complex, 6B Goodall Close, which Frasers just built speculatively (story continues below).
With 43 car parks, and aiming to be 5-star Green Star rated, this property forms part of the 41.3ha Rubix Connect estate which was launched in 2020.
Both assets are expected to be predominantly used for distribution.
CBRE’s David Aiello, Sasan Misaghian and Fraser Pearce with Colliers’ Gordon Code and James Scott were the agents.
Dual listed on the Australian and New Zealand stock exchanges, Fletcher Building, with a market capitalisation of c$2.9 billion, is headquartered in Auckland.
In 2019 it leased a west Melbourne facility for Tradelink.
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