24-07-15 APARTMENT BOOM SPARKS A RACE FOR SPACE BY BUILDING COMPANY
CHRIS HERDE
A CONSTRUCTION company has had to more than double its space requirements to cater for the booming apartment market.
Aspect Property Group has a two-year lease with an option on a 4238sq m metal clad office/warehouse at 11/370 Bilsen Rd, Geebung.
Raine & Horne Commercial’s Lawrence Temple said the services division, which makes pre-made bathrooms and completes other formwork for mostly apartment projects, was previously in a 1600sqm warehouse in nearby Virginia. “It was an easy move for them and they needed something that was immediately available,” he said.
“Also, the reason for the short lease term is that they wanted to see how the market goes which will ensure their space requirements.”
Industry sources say similar properties in the area lease for between $80/sqm and $90/sqm plus outgoings and GST.
The older style industrial facility was recently refurbished and has good access for large articulated vehicles, room for multiple container set down, clearspan warehouse with internal height up to 7m and 30 exclusive use car spaces. It also has a 150sqm ground floor office component.