Frasers Property Industrial has inked a $61 million deal to develop and lease a 30,823 square metre warehouse, print production and office facility to IVE Group.
CIP Constructions has been appointed as the builder for the facility.
The transaction will bring IVE Group’s total leasing to 52,001 square metres across the estate and to 58,790 square metres in total leasing transactions with Frasers Property Industrial since 2014, having previously occupied another of its industrial facilities in Keysborough.
Frasers Property Industrial General Manager Southern Region Anthony Maugeri said the combination of a tight land market in Braeside and across metropolitan Melbourne, lack of new industrial supply and excellent transportation links with the Mordialloc Bypass has driven strong interest and demand for Braeside Industrial Estate, even spurring repeat customers such as IVE Group.
“This fifth transaction with IVE Group demonstrates why we value long-term customer relationships and work with them closely to meet their specific needs. As our customers quickly respond to advances in technology, the rise of e-commerce, and the need for greater onshore production and resilient supply chains, we are creating more efficient, advanced and sustainable places for their industrial and logistics operations to grow,” Maugeri said.
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The latest IVE Group facility comprises two adjoining buildings including a 18,068 square metre print production facility and office, and a 12,755 square metre warehouse and office. It will also have parking space for 275 cars. The buildings will include a springing height of 10 metres, 12 on-grade roller shutter doors, two 34-metre-wide awnings, four recessed loading docks and will target a 5 Star Green Star Design & As Built v1 rating from the Green Building Council of Australia.
IVE Group CEO Matt Aitken said the group is pleased to have completed this final stage of its site consolidation program in Melbourne’s South-East.
“The consolidation of five of our businesses into one precinct will deliver the company significant efficiencies moving forward,” Aitken said.
“We are very appreciative of Frasers Property Industrial’s collaborative and supportive approach, which has, in part, led to this positive outcome for IVE Group,” said Mr Aitken.