Labelmakers recently relocated to a new 25,000 square metre facility at General Property Trust’s Austrak Business Park in Somerton, vacating two large warehouses in nearby Campbellfield.
The biggest of those warehouses, a 7,635 square metre facility at 21 – 27 Somerton Park Drive was sold off-market to an Adelaide-based investor for $4.15 million. The deal included a new lease to moulding business Active Plastics.
Ownership of the second warehouse will be retained by Labelmakers, who will now play landlord. It leased the entire 2,393 square metre warehouse facility at 22 Somerton Park Drive to plastics and packaging manufacturer Silverlock Packaging.
CB Richard Ellis senior manager Dean Hunt, who negotiated the sale and leases, said demand for industrial facilities in the northern suburbs has been boosted by new infrastructure such as the intermodal rail terminal at Austrak and proposed $300 million wholesale fruit and vegetable market at Epping.
He said land values in the precinct have increased from about $150 per square metre in 2001, to $250 per square metre today.