JB Hi-Fi snaps up warehouse space in Melbourne’s west
Diversified property group Stockland has unveiled two new tenants for its recently completed KeyWest Distribution Centre.
The $44 million office warehouse facility is in Melbourne’s booming western industrial market.
Combined, the tenants JB Hi-Fi and BrandLink have leased more than 30,000sq m of high clearance warehouse space with the speculatively developed distribution centre fully leased shortly after completion.
Stockland general manager, workplace and logistics, Tony D’Addona says the lease deals shows the demand for warehouse space in Melbourne’s fast-growing western corridor.
Home entertainment retailer JB Hi-Fi has entered a seven-year lease for 18,023qm of office and warehouse space, which will act as JB Hi-Fi’s Melbourne big and bulky delivery centre.
BrandLink, Australia’s fastest growing promotional logistics company, has secured 12,477sqm of corporate office and warehouse space, also over a seven -year lease term.
D’Addona says there is strong interest in the Truganina corridor from growth businesses like e-commerce and third-party logistics companies looking to upscale or establish a footprint in Melbourne.
Stockland chief executive, commercial property, Louise Mason says the deal is another important step in the progress of its $2.5bn workplace and logistics development pipeline.
Melbourne’s western growth corridor has had unprecedented growth over the last decade, with the upwards trend projected to continue as the total population in the Melton LGA is expected to reach 254,095 by 2029.
According to JLL research, western Melbourne has been Melbourne’s most active industrial precinct for the last decade.
It includes logistics developments already under way at Ingleburn in Sydney, Yatala and Willawong in Brisbane as well as the Melbourne Business Park development under construction in Truganina.
This article originally appeared on www.theaustralian.com.au/property.
