Dexus is the latest landlord to be rewarded for building a large warehouse on a speculative basis, securing a lease with RMA Automotive for a Melbourne development.
The 21,385 square metre facility at 19 Innovation Drive, Mickleham, within then Merrifield Business Estate, hasn’t yet reached practical completion.
The warehouse is designed with an above-average 14.6 metre clearance, accessed from nine at-grade roller shutter doors and four recessed loading docks.
Expansive handstand allowing for truck circulation and marshalling surrounds it.
RMA, which is presently based in Epping, supplies accessories to modify special vehicles, including ambulance, police cars.
It also provides maintains a parts and after-sales service division and provides training.
“This significant leasing transaction highlights the recent success of the speculative development market in Melbourne’s north, with the last three significant large scale speculative developments being either fully committed prior to practical completion, or shortly there-after,” CBRE agent Daniel Eramo said.
“This new wave of large-scale speculative development…is creating opportunity for high-quality corporate tenants to service the demands of their growing businesses, and also strategically position their supply chain networks in the centre of Victoria,” he added (story continues below).
The deal comes two months since ESR secured three tenants – Bremick, Davey Water and Speed Panel – to a 12,800 sqm business park – its first Brisbane speculative project – in Wacol.
That landlord has also recently filled 40,000 sqm of an estate at Epping, which it started building before finding a tenant.
Earlier this month, Time & Place said it has found occupiers for the three buildings forming the LOGOS Epping Industrial Estate – all up c46,240 sqm.
Led by Tim Price, that group sold the property as fully leased asset, on a funds-through basis, to LOGOS for $70m in 2020.
That deal reflected a major capital gain for Time & Place, which with MaxCap, paid CostaFox c$20m for the 9.7ha parcel a year earlier.
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