Stockland Leases Part of Reg Hunt Oakleigh Facility

Sources say adhesive maker and office supply group Avery Dennison will move from its longtime home in Tottenham, about four kilometres west of the central business district, to an office warehouse at Stockland’s 8.1-hectare complex in Centre Road, about 17 kilometres south-east of town.

About 17,000 sq m of Stockland’s Oakleigh facility, which was valued at $38 million in June last year, is still vacant, sources say.

One of the facility’s biggest tenants, Reece Plumbing, recently announced it would move to Canon’s headquarters at the Tally Ho Business Park in East Burwood. It leaves Oakleigh in November.

Stockland declined to comment on any leasing activity at Oakleigh when contacted by Capital Gain.

Meanwhile Avery Dennison has reaped $4 million from the sale of its outgoing 2.6-hectare officewarehouse facility in Tottenham, the name given to the industrial pocket of West Footscray.

CB Richard Ellis sales executive Tom Hayes confirmed he sold Avery Dennison’s huge Sunshine Road facility to a private investor.

The 9586 sq m officewarehouse facility will be put back on the market for lease.

Mr Hayes said Tottenham was attractive to logisticfocused owner-occupiers and investors because of it was close to the port. Industrial land in Melbourne’s west is considered among the cheapest in the country.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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