- AMA Group have committed to seven-year lease deal with Charter Hall
- Will occupy 880 Cooper Street, consolidating two existing parts distribution centres
- Somerton Logistics Estate sought-after as local vacancy rate remains low
Leading automotive accessories provider AMA Group have struck a deal with REIT company Charter Hall to lease part of the Somerton Logistics Centre.
AMA Group will amalgamate its two existing Victorian parts distribution centres into the 19,612 sqm facility.
The 880 Cooper Street asset was formerly tenanted by Mazda and housed the Spare Parts Distribution Centre.
AMA strikes seven-year deal
The lease between AMA Group and Charter Hall was brokered by representatives of real estate agency CBRE, Daniel Eramo and Joe Brzezek.
The warehouse space is described as a ‘natural fit’ for the AMA Group, who specialise in collision repair and the provision of automotive parts.
The pair agreed upon a seven year-lease term, with AMA Group committing to a starting rental price of $85 per sqm.
“We are extremely excited about the increased capacity in such a fit-for-purpose facility, which will help ensure increased parts availability to fulfill the needs of our customers nationwide.”
Adam O’Sullivan, AMA Group
The lease marks a significant commitment for Charter Hall and reflects the sustained strength of north Melbourne’s warehouse lease market.
Nick Lidonnici, Regional Portfolio Manager of Industrial and Logistics at Charter Hall said, “We are pleased to welcome AMA Group to our Somerton Logistics Centre, a high-profile, versatile warehouse and office facility which boasts an unmatched location and substantial capacity for growth.”
Estate sought-after as region records low vacancies
The Somerton Logistics Centre is a landmark industrial estate in Melbourne’s north, which was completed in 2008 after being constructed by three teams over 14 months.
The asset was built and managed by McLaren Developments, and soon after acquired by Charter Hall.
The estate is highly sought-after by prospective tenants, currently anchored by reputable brands such as Saint-Gobain, Technika and Cosentino.
The centre is situated on 21.7 hectares of land and encompasses nine freestanding buildings, separated into 11 tenancy spaces.
The strategically located industrial estate is positioned close to major arterials and infrastructure, nearby the Hume Highway and 17 km north-east of Tullamarine Airport.
The space soon to be occupied by AMA Group is easily accessible, located on the corner of Cooper Street and Fillo Drive.
880 Cooper Street features multiple roller-shutter doors, high clearance warehousing, modern offices and generously-sized hardstand areas.
“The property’s fit-for-purpose use in a market which is experiencing extremely low vacancy rates was a key draw card for AMA Group.”
Daniel Eramo, CBRE
The north Melbourne region, like most of Australian real estate, is currently experiencing hot market conditions reflected by its low vacancy rate.
“The current vacancy rate in Melbourne’s north is just 1.08% vacancy and this has begun to drive rental growth as well as a stabilisation in market incentives,” concluded Mr Eramo.
