Occupier demand fuels speculative industrial development15 December 2023
Road transport and logistics specialist company Arva Freight has leased a 7,994sqm warehouse in Melbourne’s Broadmeadows Logistics Estate as part of its continued national expansion.
Located at 44 William Barak Boulevard, Broadmeadows Logistics Estate was developed by institutional property developer LOGOS after it purchased the site in 2020 off CBRE.
The 25ha estate comprises of up to 130,000sqm of sustainable, high-quality warehouse space. Existing tenants include Allied Express, Holman Industries and GPC.
Arva Freight has signed a five-year lease, for approximately $1,000,000 per annum, bringing its national space to over 30,000sqm across Victoria, New South Wales and Queensland.
CBRE’s Joe Brzezek and Daniel Eramo negotiated the lease on behalf of LOGOS.
“The rental rate per sqm is a 39% increase from the last industrial lease transaction secured within the estate, reflecting strong rental growth in the northern industrial market,” Mr Brzezek said.
“Despite softening occupier enquiry, there is a continuing flight to quality ensuring continued speculative development success for premium offerings such as Broadmeadows Logistics Estate.”
Mr. Eramo added, “There has been a recent increase in third-party logistics operators securing industrial space in Melbourne’s North due to the new wave of supply catering for these types of operations.”