- Developer has total space of 710,000 sqm across Victoria and Queensland
- St John Ambulance has signed a 15-year lease at 601 Blackburn Road in Notting Hill
- Last year, Pellicano's portfolio hit a record low vacancy rate of 0.07%
Diversified developer Pellicano is continuing to witness high levels of dealing activity, with nine new deals signed across its commercial and industrial portfolio.
The developer now has over 710,000 sqm in total across office space, warehousing, logistics and storage facilities in Victoria and Queensland.
Clients vary from consumer goods, technology and healthcare sectors, all of whom have experienced significant growth during the pandemic to date.
The sector has also been bolstered by staff returning to the office.
St John Ambulance Victoria represents the deal with the longest term and largest floorspace, with a lease at 601 Blackburn Road in Notting Hill on 1 June 2022 for 15-years and 5,149 sqm of space. Lawson Real Estate’s Mark Spigelman negotiated the sale.
“Our new facility will allow us to continue to grow and serve humanity in new and innovative ways, as we bring together 5 separate facilities into 1 major hub,” St John Ambulance CEO Gordon Botwright said.
Former tenants ABB will be moving to a new facility at 597 Blackburn Road on a seven and a half year lease, that was negotiated directly through Pellicano.
Another deal is a 237 sqm facility at Suite 2/72-80 Monash Drive in Dandenong will be occupied by National 360 on a two year and three-month term equating to $270 per sqm. James Teloar of Knight Frank facilitated this transaction.
No signs of slowing down
Pellicano managing director Renato Pellicano believes as low industrial rates across both Victoria and Queensland remain – while office workers return – demand will stay high for some time.
“Across most sectors we’re seeing ongoing demand for high-quality facilities – and it’s showing no sign of slowing down, particularly as the eastern seaboard recovers from its most recent wave of covid infections,” he said.
“Current uptick in activity across our commercial portfolio underpins the confidence we continue to have in the sector, particularly as companies across the state gradually start to bring their team back to on-site work after two years of work-from-home.
Renato Pellicano, Pellicano managing director
“South east Victoria is a market that has always performed really well for us, and it’s one that we’ll continue to have a strong focus on – the benefits of connectivity to major arterials, public transport connections for the workforce, and continued investment in local infrastructure make it a sought-after location for companies of all sizes.’
Mr Pellicano also noted that last year their vacancy rate hit a low of 0.07% – the lowest since 2006.
