Logos’ prime grade stand-alone facility and its rare offering snatched by Slattery Auctions

21 February 2024

Colliers National Directors Gordon Code and James Stott have leased the stand-alone partially enclosed warehouse on the behalf of the logistics property specialist, Logos.

Located at 41-45 Hydrive Close, Dandenong, the national tenant, Slattery Auctions, leased the property for $115 net per square metre.

The A prime grade asset of 8,781sqm benefits from a 29% site coverage, cementing a rare opportunity in the marketplace as developers increase maximised built form site coverages.

James Stott National Director of Colliers, commented, “Lower site coverage opportunities like Hydrive Close are becoming rare in the marketplace, as rapidly increasing land values has a linear impact on built-form site coverages, with developers pushing to recoup NDA to offset the rising land value.”

“As a result, we typically see a backlog of enquiries for these assets in the marketplace with the campaign,” Mr. Stott added.

While the campaign attracted a sturdy number of occupiers competing for the space, Slattery Auctions placed the strongest offer. Given its low site coverage and surplus yard, the warehouse will allow it to double the tenant’s storage capacity in Victoria, supporting its business growth.

Slattery Auctions’ Director, James Slattery, expressed his enthusiasm for the move, stating, “Our transition to the new site underscores our commitment to growth and our dedication to providing unparalleled auction services to our valued customers.”

“With the launch of “Eevee” auctions and the increasing volume of assets we handle in Victoria, the expanded space is not only necessary but will be quickly utilised,” Mr. Slattery added.

The warehouse additionally incorportates a high clearance area, a modern dual-level office space, and a concrete hardstand yard for external storage suited to equipment hire or materials handling. Its emplacement connects directly with Melbourne’s major arterial roads including Monash Freeway (M1), via Remington Drive.