Supply chain provider Galaxy Hub will expand into Melbourne’s north, leasing a Centennial-owned distribution facility in Epping.
Galaxy Hub is adding 6,044sqm at 348 Cooper Street to its existing base in Derrimut in the western suburbs, moving in on a three-year lease for an annual net rent of $513,740.
CBRE’s Joe Brzezek and Daniel Eramo secured the tenancy on behalf of Centennial, which purchased the property in late-2021 and is already approaching full occupancy.
“The current vacancy in Melbourne’s north is less than 1%, and several pending lease transactions will bring that down to less than 0.5% over the coming weeks,” Mr Brzezek said.
“It is the tightest industrial leasing market ever recorded in Melbourne’s north, which is a significant problem for many of the growing industries in the precinct.
“We expect this to encourage industrial development in the area over the coming years.”
Mr Paul Ford, Centennial’s Executive Director and Industrial & Logistics CEO, said: “The fact that we are at 100% occupancy only months after settlement provides continued support for our ‘mid space’ strategy and our ability to identify and reposition quality assets.”
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