Toll drives into Melbourne's north

TOLL Logistics has signed to Salta Properties' Somerton Logistics Centre in the largest lease deal in Melbourne's north suburbs this year.

CB Richard Ellis negotiated the 22,213 sqm Toll deal – the first lease to be signed at the $135 million centre. Salta is currently marketing the property.

CBRE’s associate director Dean Hunt said the 125,000 sqm centre is the largest speculatively developed business park to be built in one line at one time in Australia. The Somerton Logistics Centre syndicate bought the 22 hectare site last year from Salta Properties.

The annual rental for Toll was rumoured to have been secured at approximately $1.7 million dollars net plus GST ($77.0 per sqm).

The warehouse was leased to Toll with the assistance of CBRE senior logistics consultant Stephen Parry.

Parry said the warehouse is a drive around facility with a large container graded hardstand area to the rear.

The land fronts Hume Highway, Cooper Street, Fillo Drive and transport Drive and is close to Craigieburn Bypass and the Ring Road.

Hunt commented that the completion of the Craigieburn Bypass in 2005 has seen land values in the north appreciate by approximately 80% according to CBRE research.

“The estate’s proximity to the Bypass and the P&O operated inland port is a major drawcard for potential occupiers, and further growth is expected as the region benefits from the relocation of the Melbourne Wholesale market,” he concluded.

Australian Property Journal