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News release


Undersupply pushes rents up in TradeCoast

Jones Lang LaSalle leases Lytton Road industrial hub after strong bidding

BRISBANE, 30 August 2013 – Strong bidding by two frontrunner groups for a 1,900sqm industrial facility in Morningside has seen Jones Lang LaSalle’s Chris Davis finalise a lease with the State Government on behalf of his client, Gabbett Machinery.
Mr Davis was engaged to relocate Gabbett Machinery as well as re-lease their existing facility, a modern concrete tilt panel industrial facility on Lytton Road in Morningside.
“Given that properties between 1,000sqm and 2,000sqm are becoming increasingly difficult to find within the TradeCoast precinct, the offering attracted a large amount of interest throughout the campaign with two groups competing aggressively at the close,” said Mr Davis.
“This undersupply is resulting in an uplift in rentals in the precinct, and a State Government body introduced by CBRE finally struck the best deal at the asking rental of $125/sqm pa net on a five year term,” he said.
“The access, location and functionality of the building were the key factors in securing the tenant.”

“Finding the right tenant who could work around the relocation of Gabbett was a challenge, however the strength of the State Government covenant in addition to an exceptional term at the asking rent was a great result,” said Mr Davis.