Germany based sportswear brand PUMA has signed a seven year lease within Melbourne’s Braeside Industrial Estate, a new business park being developed by Frasers Property Australia on land once owned by Lloyd Williams.
PUMA will occupy the third speculatively built facility FPA is building at Braeside – containing 14,110 square metres of warehouse, a 442 sqm office and 112 car parks (artist’s impression, top).
ASX-listed IVE Group, and GALE Pacific, recently committed to rent two more buildings FPA is developing on the Braeside land, about 25 kilometres south east of the city.
“There is pent up demand in the Braeside area for prime grade industrial buildings,” FPA general manager – Southern Region Commercial, Anthony Maugeri, said. “National companies are capitalising on the opportunity in the area to be close to major infrastructure and future arterial links”.
“There are few developers in the south east region offering tailored high-quality industrial solutions for large occupiers,” the executive added. “We had the foresight to purchase early in this area and could see its appeal as a well-positioned industrial land locality”.
FPA paid Mr Williams’ Hudson Conway c$20 million for the 23 hectare parcel making way for the business park, early last year.
“Our strategy to build several speculative facilities in Braeside Industrial Estate has also been very successful in attracting ASX listed and multinational companies seeking sustainable industrial warehouses.” Mr Maugeri said.
“Rental growth, increased land values, investment demand and tenant demand are driving wide interest in Braeside.”
PUMA’s new building
The 5-Star Green Star designed building will include a warehouse with energy efficient LED high bay lighting, connected to a control system with motion senses.
It will also contain a 100 kilowatt roof-mounted solar photovoltaic system – which should provide renewable energy. A rainwater storage tank will feed the landscaping, and main office amenities.
The Canterbury Road property is due for completion in mid-2020. Colliers International brokered the deal for FPA.
FPA in the news
FPA has been “replenishing” industrial supply every which way of Melbourne for about 12 months.
Three weeks ago, we reported it paid $27.5 million for a 43 hectare site in Tarneit, in the west.
Five months ago, it spent about $80 million on a 41.3 hectare holding in Dandenong South, which is about 10 kilometres east of Braeside.
Ten months ago, FPA outlaid $40 million for a 63.4 hectare parcel in Epping, 20 kilometres north of town.
The developer has also made news selling down investments, like it is developing at Braeside. More details about these transactions are available here.