Mazda signs biggest industrial lease of the year to date

Mazda will lease 20,000 square metres of warehouse space in Somerton, 21 kilometres north of the Melbourne CBD in the biggest industrial deal of the year to date.

The $70-per-square-metre deal was negotiated by Savills Australian industrial director Greg Jensz.

Mazda has signed a 10-year lease for the logistics space at the Somerton Logistics Centre located at 880 Cooper Street.

The deal comes as leasing activity picks up in other industrial locations close to the Melbourne CBD driven by demand for logistics and transport space.

In its Melbourne Industrial Market Overview released in March, Knight Frank reports that industrial activity in Melbourne is starting revive on the back of increased demand and limited supply. It has a “relatively positive outlook” for the state.

It expects demand to remain robust in areas that benefit from strong transport links and infrastructure provision, particurlarly the west and south east regions.

Knight Frank directors Andrew MacQueen and Matt Crofts have negotiated more than 40,000 square metres of leasing deals in Melbourne’s western suburbs.

These include a 2,470-square-metre lease for Malec Brothers Transport at Judge Street in Sunshine and Fastline International taking up 7,700 square metres at Goodman Group’s Westlink Distribution centre in Laverton North, the Australian Financial Review reports.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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