Melbourne Airport owner fills maiden speculative industrial investment
Australia Pacific Airports (Melbourne), or APAM – owner of Melbourne Airport – has filled a major warehouse built speculatively within an industrial estate near the southern edge of its 2663 hectare grounds.
Mode Logistics has taken 10,910 square metres, or half the c21,890 square metre project, 64-74 Sky Road.
It will be joined by sportswear apparel brand Elite Eleven and APAM’s Aviation division which each committed to c5490 sqm.
Practical completion – APAM’s first speculative project – occurred last month.
Melbourne Airport Business Park
On land once considered Tullamarine but now its own suburb, Melbourne Airport, with its own postcode – APAM has been completing investments at its c410ha Melbourne Airport Business Park for more than two decades.
The pocket now includes hotels, childcare and food.
An URBNSURF inland beach replaced the former Melbourne Airport Club, set up by staff, many shift workers, in 1973, three years after the airport, famously because there was nowhere local to drink after 6pm.
The 18-hole Tullamarine Golf Club – which still stands – was also established, in 1972, in the area.
“We are delighted to have fully leased our first speculative development prior to construction completion,” Melbourne Airport head of Development, Stuart Verrier, said.
With it, four more are planned over the next 12 months, he added (story continues below).
Two are now for lease.
APAM is owned by five fund managers – AMP Capital holding the biggest stake, with 29 per cent.
Deutsche and the Future Fund each control a fifth.
Another lease deal
The 64-74 Sky Rd lease deals come a year since power tool giant Techtronic Industries committed to a landmark 74,200 sqm Melbourne Airport Business Park warehouse.
In that case, the tenant is believed to be paying over $90 per sqm, per annum, ex-incentives.
Also setting up in the estate in recent years is Reece, for 11,670 sqm, and CSL, which signed for a landmark 118,000 sqm warehouse in late 2020, for its vaccine manufacturing group Seqirus.
FJT Logistics leased in the business park too, relocating from neighbouring Keilor Park – a deal brokered by Fitzroys’ Marco Sandrin and Brent Glassford.
CBRE’s Daniel Eramo and Joe Brzezek sourced Mode and Elite Eleven.
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