Billionaire family lease Melbourne warehouse for ethical food brand
EXCLUSIVE
An ethical health food group controlled by Raphael Geminder, the son in law of Jeanne and late Richard Pratt, has leased a Keysborough distribution centre, part of continuing expansion plans.
Kinrise has committed to Warehouse A, 78 Atlantic Drive – a 6789 square metre tenancy – for an initial three years.
Landlord Frasers Property Industrial will reap a 50 per cent rent uplift following the off-market deal.
It will also suffer no vacancy period according to sources.
The property giant has inhouse portfolio managers; Andrew McFadyen and Lauren Hoysted oversee this asset.
The Kinrise deal comes two and a half years since another company directed by Mr Geminder, Pact Group Holdings, rented a 10,408 sqm Laverton North office/warehouse owned by Aliro.
CBRE’s Tom Murphy, Tom Hayes, Harry Kalaitzis and Todd Grima were the agents.
Kinrise expands in south east
Within The Key estate, 29 kilometres south east of Melbourne’s CBD, FPI completed 78 Atlantic Dve 10 years ago.
It contains two similar sized sprinklered tenancies; the Kinrise property includes a 6452 sqm warehouse accessed by three at-grade roller doors and two recessed loading docks (story continues below).
There is also a 337 sqm office which, like the industrial component, uses energy efficient sensor lighting (the building captures and reuses rainwater too).
There are 56 car parks as well.
CBRE brokered the lease of Warehouse B, 78 Atlantic Dve, for FPI in 2021.
Kinrise is headquartered at South Yarra’s Como building; established five years ago it includes stakes in brands the Geminder family held previously, amongst them, Greens.
The business controls five manufacturing plants including elsewhere in Melbourne, a high-tech facility at Dandenong South, and in New South Wales and Queensland.
In 2021, it poached Kellogg Company managing director Esme Borgelt, after 18 years with that company, for a new chief executive officer role.
Mr Geminder’s wife, Fiona, is Australia’s third richest woman, worth $3.77 billion last year according to Forbes. The couple control a private investment house, Kin Group which holds a 20pc stake in The Reject Shop, amongst other interests.
Like other Pratts, the pair are philanthropic.
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