1 June, 2011
A major industrial complex at 8 Penelope Crescent, Arndell Park, in Sydney’s outer west, has been leased for more than $1 million annually for five years by Raine & Horne Commercial Homebush principals, Thomas Muller and Duarte Figueira.
Sub-leased to a national tyre dealer, by BP Shopfitters, this stand-alone concrete panel warehouse, owned by property investment and funds management group 360 Capital, is approximately 11,423m².
Mr Muller said there were increasingly more industrial warehouse sub-leases in the outer west, with companies continually evaluating their running costs against their bottom line profitability.
"Regardless of time left on their lease, tenants are taking a proactive approach and subletting if the need arises,” Mr Muller said.
“For instance, BP Shopfitters decided to rationalise back into their facility at Eastern Creek where it has some supplementary space.”
Likewise, the new tenant who entered into a direct five-year lease was determined to continue operating from Arndell Park, which is an established industrial hub with tenants such as DHL, Versacold, Toll Transport, Linfox and ACCO Australia.
Mr Muller added that this deal also proved once again that modern buildings which were fully functional and priced competitively, would lease faster than older warehouses that did not have the required functionality.
Clearances in the warehouse range from 7.9 to 9.1 metres, and there were also superb concrete hardstand areas, which allowed for truck parking and turning with separate parking allocated on site for cars.
“The lease on this property was a pleasing result for all parties involved, each achieving their own individual objectives, which is a sensational result.
"The owners, 360 Capital, also extended their tenancy to five years with a strong covenant, and BP Shopfitters eliminated their exposure for a building they no longer required,” Mr Muller said.
Thomas Muller said this was a good indicator of current market sentiment and that deals would continue to follow as a result.
Duarte Figueira believes other features of the building that attracted interest from aspiring tenants included the ESFR sprinklers, three container-height roller shutter doors and a 20 metre undercover awning that permits all weather loading.
The property is situated on the western side of Penelope Crescent running south off Holbeche Road, which is the main road servicing Arndell Park.
Arndell Park is within a short distance of the M4/M7 interchange at Eastern Creek.
“The property is well located within easy access of Eastern Creek’s Light Horse Interchange where the M7 meets the M4 in Sydney's west,” Mr Figueira said.
Mr Figueira added that the warehouse had a secure yard offering outside storage.
“As part of the deal the offices will be expanded by a further 300m²."
To discuss your individual needs, contact Raine & Horne Commercial Homebush on (02) 9739 9788.
Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.
For further media information contact:
Thomas Muller, Principal Raine & Horne Commercial Homebush, 0409 469 628
Duarte Figueira, Principal Raine & Horne Commercial Homebush, 0417 277 177
Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448
Raine & Horne Commercial knows local and regional property markets intimately, with the support and systems of a long-established national and international property group. Our clients benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.