State government signs major Preston lease deal
The Department of Treasury and Finance, for Victoria Police, has signed what is believed to be Preston’s largest commercial leasing agreement this year.
The 5388 square metre building – 13.5 per cent (728 sqm) which is a two level, A-grade office, the balance, a warehouse with 11 metre clearance – at 67-75 Raglan Street is costing starting annual net rent believed to circle $800,000.
Also with 2000 sqm of hardstand, the property includes 50 car parks, a 500 KVA substation, and a cantilevered canopy over some of the loading bays.
Victoria Police is expected to utilise the property to complement its vehicle impounding support unit at 55 Raglan St.
It also operates from a station at the corner of Roseberry Avenue and Kelvin Grove, behind Preston Library.
The deal comes five months since the Victoria Police Provident Fund banked c$2m for adjoining townhouses on the Seaford waterfront, and just over a year since Victoria Police Legacy divested Carlton’s c1893 Louisa Terrace, on Drummond St, for $3.45m.
Also in 2021, the Police Association’s Victorian headquarters, in East Melbourne, sold for c$45m, with vacant possession. That buyer was Elizabeth Ring, the ex-wife of Swisse Wellness heir Stephen.
Police expand Preston presence
Finnish consumer packaging group Huhtamaki previously occupied 67-75 Raglan St, owned by a private investor which paid $900,000 in 1993 (story continues below).
The warehouse is accessed from three roller doors, two undercover.
The site spreads 9400 sqm.
“This building is also fully sprinklered with a Category 4 fire rating,” Gray Johnson’s Rory White, who brokered the lease deal, said.
“The cantilevered section of the building also affords a highly functional loading area,” he added.
“The building also enjoys outstanding access to arterial and major roads including via Bell St, which is only one block north and parallel to this site, and via Grange Road, the Metropolitan Ring Rd and to the Eastern Freeway and Eastlink,” according to the executive.
Preston is nine kilometres north of Melbourne’s CBD.
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