Sale and Lease at Neighbouring Industrial Properties in Rowville

Jordie Cassidy • 05/03/2019

Cushman & Wakefield today announced the sale and lease of adjacent properties at 35 and 37 Laser Drive respectively, in the suburb of Rowville in Melbourne’s south east.

Extreme Land Pty Ltd purchased the property located at 35 Laser Drive from Inga Pty Ltd for $1.92 million as the business seeks to expand following the recent sale of their facility in Springvale. The property comprises a warehouse and two-level office over 1,372 sqm.

Jordie Cassidy and Andrew O’Connell from Cushman & Wakefield managed the sale, which drew strong demand from interested purchasers given the limited supply of properties in the size category and further tightening of the south eastern industrial sales market.

At 37 Laser Drive, A2Z Flashings Pty Ltd has leased a soon to be refurbished warehouse and office space from Marvic Downs Pty Ltd. A2Z Flashings Pty Ltd secured the space to meet the need for a larger facility and will relocate from their existing space at Ferntree Gully. The property comprises a two-level office across 267 sqm, a 1,009 sqm clear span warehouse and 22 off street car spaces.

The leasing agreement comprised rents of approximately $100 per sqm, with the transaction managed by Jordie Cassidy and Andrew O’Connell.

Commenting on the lease, Jordie Cassidy, said: “Tenant demand is still strong for sub 2000 sqm buildings in Rowville with very limited stock on the market. As a result, we’re beginning to see face rents begin in slowly increase.”