18/03/2011- Less Space is More

THE decision to split a newly built warehouse in Stockland's North Lakes Business Park reaped dividends for the landlord with two businesses committing to five year leases.

Raine & Horne Commercial's Tony Mayfield said that Carbone Developments completed the 1014sqm stand alone modern industrial warehouse in September last year.

'We didn't have as many interested parties in that size bracket' he said. 'One of the things I put to the owner was 'let's keep our options open and lets look at splitting the building''. 'We marketed it on the premise that it was either one building or split and once we decided to split it we got the parties on board.'

Diesel engine specialists Performance 4x4 moved from Caboolture to the park. They took up a 606sqm section and will pay about $84,800 a year.

International Baking Equipment took up 408sqm with the option to purchase within 12 months.

'International Bakery was in Clontarf and for them the move to North Lakes was a move to an area with a bit more prestige, where they could bring their corporate clients to,' Mr Mayfield said.

International Bakery will pay about $57,000 a year.

Mr Mayfield said North Lakes Business Park was earning a strong reputation.

'The rates achieved in North Lakes are probably outstripping neighbouring suburbs and we are not suffering from an oversupply at this stage,' he said