Melbourne’s industrial leasing market is sending a clear signal when the property is right, quality tenants commit. GrayJohnson is seeing this play out firsthand, with a string of new industrial leases across the city among occupiers seeking purpose-built, well-located space.
The latest example of the trend is the signing of global technology multinational KSTAR Science and Technology to Unit 5 at 15 Anzed Court, Mulgrave, a brand-new boutique industrial development that has drawn significant interest since completion. KSTAR, a Chinese-headquartered global leader in UPS systems, data centre infrastructure, energy storage, PV inverters and EV chargers, has committed up to a 6-year lease.
Anthony Boldini, Sales &Leasing Expert, says the deal is consistent with what’s happening in other suburbs where multinational and high-calibre domestic businesses are actively seeking modern, high-specification industrial space and when they find it, they are prepared to commit to long-term leases with minimal incentive requirements.
“What we’re seeing consistently is that well-designed, well-located, brand-new industrial space is attracting a better class of tenant, and those tenants are signing longer leases with confidence. There is simply not enough high-quality stock in Melbourne’s established industrial corridors, and when it comes to market, it leases quickly,” says Anthony.
Anthony goes on to explain that “The KSTAR deal at Mulgrave is a great example. This is a global business operating in over 180 markets, and they chose this precinct because of what the building offers high-clearance warehousing, quality offices, EV charging, NBN fibre, and excellent freeway access. The product did the talking.”
The Anzed Court precinct is strategically positioned with immediate access to the Monash Freeway and Springvale Road, with proximity to EastLink, Ferntree Gully Road and Blackburn Road. Surrounded by major corporate occupiers and close to Monash University, it is one of Melbourne’s most tightly held and highly sought-after industrial locations.
The same dynamic played out for GrayJohnson at 18–22 Prentice Street, Brunswick, a brand-new boutique showroom and warehouse development just 5.3km from the Melbourne CBD. With the leasing of three office warehouses with the latest to national professional services firm FYFE, an Australian leader in engineering, environmental, planning services committing to a ten-year leasehold. This deal brokered by GrayJohnson Associate Director Rory White.
The inner-north precinct continues to attract occupiers drawn to the combination of urban amenity, Sydney Road connectivity and proximity to Melbourne’s technology and creative business community.
