Lease assigned for major car storage facility

Also this week, we are reporting Aware Real Estate and Goodman traded a nine figure Dandenong South business park.

A landmark vehicle storage facility spreading 8.68 hectares across two Melbourne streets has been assigned between providers.

The Truganina site (centre), mainly netted hardstand, has two street frontages.

The 18 month deal for 51 Dunmore Drive, Truganina, will see the initial lease out with ESR Australia.

Starting annual rent is just over $2 million, according to sources.

The deal comes six month since Stockland completed the first office/warehouse at a $2 billion Truganina business park following a pre-commitment by e-commerce giant New Aim.

Last August meanwhile, Goodman secured Provincial Home Living to a 22,320 sqm distribution centre on Evolution Road, in the suburb.

That business is controlled by the Pausewang family which also established Smiggle.

In Truganina investment circles, a prominent 7.9ha holding with two warehouses and three tenants, one, online retail giant Catch, sold last year to Barings and Rest for $94.1m – a low 4.7pc yield – to seed a fund. The seller, Charter Hall, paid $41.7m in 2015, for the Core Logistics Partnership.

Cushman & Wakefield’s Tony Iuliano, Adrian Rowse and Chris Jones were the agents (story continues below).

Barings and Rest recently paid $94.1 million for 2-30 Saintly Drive, Truganina.

51 Dunmore Drive

Purpose built less than a decade by Texco Constructions and Goodman for Mazda, 51 Dunmore Dve can securely store 3039 vehicles.

Improvements – an A-grade office, workshop, wash bay and inspection area – cover c4472 sqm, less than 10 per cent of the block, also with Vulcan Dve access.

Kerr Group’s Peter Kerr and Bill Kerr act for Mazda which in 2020 pre-committed to Frasers Property Industrial’s 4Ten business park in Melbourne’s north Epping (Mazda’s local headquarters is also in a FPI building, at Mulgrave).

Truganina is a large suburb – spreading from Melbourne’s south west to north west; this property is about 20 kilometres from the CBD and a little more than that to Melbourne Airport.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of