australian property market wrap 21092023
Today’s market wrap includes life sciences leases and industrial sales. Image: Canva.
  • Nearly 20,000 sqm of leases in Melbourne.
  • Two industrial properties sold on the Central Coast.
  • A new apartment development on Garfield Terrace launches.

From life sciences leases to industrial sales, today’s wrap spans the east coast of Australia. Also in the mix is the launch of a new apartment on the Gold Coast.


Two Central Coast industrial properties acquired

Buildings A and B at 10 Corella Close in Berkeley Vale have been sold for $5.2 million and $5 million, respectively, to two private investors.

“These modern industrial buildings, constructed just one year ago, promise strong depreciation benefits and a bright future in rental income,” said director of commercial sales and leasing at Raine & Horne Commercial Central Coast, Brad Rogers.

“Multiple access points for each building facilitate seamless internal workflows, production processes, and inventory management.”

Completed in 2022 the buildings blend in with the established surrounding blue chip businesses, including Sanitarium, Mars Foods, and Linfox Food distribution and enjoy easy access to the M1 Motorway. Also, B-double-approved access roads surround the property.

The tenant of Building A is Kennard Group Holdings, which signed a 6-year + 9-month lease on 1 October 2022. The tenant has a 5-year renewal option, and the annual rent is $320,000. Building B is leased to air conditioning specialist Inovaair Australia Pty Ltd on a 5-year + 5-year option and a current rental of $317,750 per annum.

“Situated in a prime location with an outstanding internal height of approximately 16 metres, these properties maximise cubic capacity, catering to a wide range of warehousing and logistic needs,” said Rogers.

“We had between 20 to 25 serious enquiries from discerning investors seeking a larger product on the Central Coast.”

Rogers added that these sales represent a significant achievement for the area, demonstrating the strong demand for quality industrial properties in Berkeley Vale.


Close to 20,000 sqm leased at Ferntree Business Park

Colliers Victoria’s state chief executive, Rob Joyes, and director, Ash Dean, have facilitated 18,239 square metres of deals at the Fern Tree Business Park in Melbourne’s inner east, with existing tenants Olympus Medical, Draeger, and Johnson & Johnson, having committed to upgraded space within brand-new purpose-built facilities.

Olympus has committed to 4,629 sqm on a 12-year lease, Johnson & Johnson has taken up 1,695 sqm of new office and laboratory space, and Draeger has committed to 9,067 sqm for ten years.

Ferntree Business Park
Image: Supplied.

“Over the last few years, we have seen a significant rise in enquiry from biomedical and life sciences occupiers seeking space in the Monash Precinct. This wave of enquiry was kick-started by Cartherics, who opened a new $4 million lab to develop cancer immunotherapy treatments at 12 Ferntree Place in October last year,” said Dean.

“We are also excited to announce that we have just finalised a deal with Co-Labs, who will open a state-of-the-art innovation hub and biotechnology co-working laboratory,” added Dean.


Gold Coast apartments hit the market

TOTAL Property Group has launched a collection of 31 whole-floor luxury private sky homes and two double-storey penthouses in the new absolute beachfront apartment development, Escape by Luxcon, on the Gold Coast’s exclusive beachfront strip Garfield Terrace, with the release of the first nine apartments to the market.

Escape is a $250 million, five-star apartment building to be developed on a prime 1011 sqm site at 63-65 Garfield Terrace.

A limited selection of 31 private residences is priced from $6.125 million, with each full-floor apartment at Escape taking up the entire 293-311 sqm floorplate, enjoying 360-degree views of the Gold Coast’s spectacular beach, ocean, and hinterland. The two double-storey penthouses will take up two floors each.

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