- Bedding supplier has leased a new warehouse in Laverton North
- Committed to a 4.5 year lease
- CBRE secured the tenancy
Specialised bedding supplier Sleep Systems NZ Limited has leased a new distribution centre in Laverton North to support its Australian operations.
The company, which focuses on bedding and components for hospitals and aged care, has committed to a 4.5 year lease over the 19 Oxford Road facility in Melbourne’s west.
While the rental has not been disclosed, new office/warehouses in the precinct typically lease for around $87/sqm – $90/sqm.
CBRE’s Fergus Pragnell, Tom Murphy and Ricardo Cappelletti secured the tenancy.
“This leasing transaction was speculatively developed by national landlord 151 Property, part of Blackstone,” explained Mr Pragnell.
“This leasing transaction was the very last deal completed within Blackstone’s ‘Milestone’ portfolio, which earlier this year sold to ESR for $3.8 billion. Speculative development continues to be absorbed in Melbourne’s west well before practical completion.”
The 10,903sqm property features a 5,693sqm office/warehouse and an expansive, 500sqm loading canopy.
The 13.7m high-clearance warehouse incorporates two recessed loading docks and three on-grade roller shutter doors.
The property is situated 12km from the Port of Melbourne and 17km from the CBD.
This tenancy is the latest affirmation of CBRE’s Industrial and Logistics Outlook report for 2021, which indicated there will be continued demand for warehouse space, particularly in the West Melbourne area.
Despite some challenges during COVID-19, CBRE’s report revealed the Industrial & Logistics sector actually suffered the least in 2020, recording an increase in sales volumes in Australia, while activity in office, retail, and hotel assets declined.