Australian event company, Harry the Hirer, commits to massive low-coverage property in Melbourne’s west26 September 2023
Leading Australian event company Harry the Hirer has committed to a total of 10,113 sqm of warehouse space on a five-year lease in Melbourne’s Laverton North. Colliers industrial agent Nick Saunders managed the off-market deal on behalf of ESR Australia, achieving a strong annual rental in excess of $1,300,000.
The deal comprised two individual properties of 3,974 sqm and 6,139 sqm, respectively, leased in one line, sitting on a low coverage site with a total land area of 26,000 sqm, previously occupied by Allied Sea Freight.
Colliers’ National Director, Nick Saunders, said, “The warehouses’ features, including drive-around access, a mix of on-grade and recessed loading docks and a 12.4-metre high internal warehouse clearance, were particularly attractive to a business in the transport and logistics sector.
“The transport and logistics sector in Melbourne’s west continue to drive up rents on buildings that suit this industry type, as limited properties offer low site coverage.”
The ESR-owned warehouses are located within the tightly held Angliss Estate in Laverton North, with excellent access to the Western Ring Road and Princes Freeway, approximately 15 km west of Melbourne’s CBD.
Mr Saunders continued, “Melbourne’s west continues to perform exceptionally well, despite current economic conditions and rising interest rates, driven by the low vacancy rate, currently sitting at 0.74%, combined with strong demand from tenants seeking larger spaces for business growth.
“We’ve seen multiple examples of escalating rents within the space due to the scarcity of industrial assets offering suitable transport attributes, and with few opportunities available to the market, we’re the high competition to remain,” said Mr. Saunders.