The lease is up on one of Melbourne’s more strategic intermodal properties.
Within the port precinct but on the northern fringe, the 4.3 ha property at 79-88 Lloyd Street, Kensington, had been leased to Amcor, according to Dawkins Occhiuto, the agents for owner VicTrack.
“Perhaps of greatest significance, the property has access to an adjoining rail siding,” the agency says.
By Rob McKay | November 28, 2011
The lease is up on one of Melbourne’s more strategic intermodal properties.
Within the port precinct but on the northern fringe, the 4.3 ha property at 79-88 Lloyd Street, Kensington, had been leased to Amcor, according to Dawkins Occhiuto, the agents for owner VicTrack.
“Perhaps of greatest significance, the property has access to an adjoining rail siding,” the agency says.
“The use of rail access is subject to the Rail Corporations Act, Transport Integration Act and VicTrack’s Access Arrangement.”
The lease has been put to expressions of interest (EOI), which is not a common avenue.
“The reason for running the process we have, which closes this Thursday, is that, given its strategic value, it was probably the fairest and most equitable way for VicTrack to find a new tenant,” Partner Walter Occhiuto says.
“It’s probably unusual to do an EOI for a lease but, given the strategic value, it made a bit of sense.”
He was unable to say what Amcor’s intentions were likely to be and Amcor had not returned ATN‘s call at deadline.
Offers up to 2025 would be considered.
The property contains 9,403 sq m of high-clearance clearspan warehouse space and “extensive” container-rated hardstand.
“We think it’s in pretty good nick,” Occhiuto says of the building’s state.
While the general market for transport and logistics-oriented properties was “going OK, [though] it’s not going gang-busters”, he believes the rarity of the size and position of the property “almost precludes itself from the regular market”.