Diversified property developer Perri Projects has launched its refurbished urban logistics asset, Prime Port, to market, cementing its confidence in speculative logistics projects in an undersupplied industrial sector.
The industrial property is nestled in the Fishermans Bend precinct close to the Port of Melbourne and the CBD, which Perri Projects managing director David Scalzo said was a prime location for logistics operations.
Scalzo said the developer had focused on creating a flexible offering for the inner-city logistics market with a mixture of floorplates ranging from 400sq m to 2000sq m, comprising office space, showrooms and warehouses.
“Prime Port contains a bold industrial interior, with polished concrete floors, high ceilings accentuated by exposed trusses and amenities such as fitted kitchens, and quality end-of-trip facilities more typically associated with high-grade commercial offerings in the CBD,” he said.
“Its location at 359 Plummer Street, Port Melbourne, gives Prime Port access to major arterial roads including the West Gate Freeway and Williamstown Road.”
Industrial vacancies are at all time lows across the country.
Last-mile industrial and logistics managers are increasingly building speculatively, safe in the knowledge tenants are clamouring for space, according to Knight Frank national head of industrial logistics James Templeton.
“Indeed speculative space accounts for more than two-thirds of the current vacancy—with almost 194,500sq m of this still under construction and not available for imminent occupation,” Templeton said.
“As existing options have been absorbed speculative developments have taken a greater weighting in available space.
“This has also supported further prime rental growth with speculative developments needing to set rents at a level which makes the project feasible—at times a further step upward for the market.”
In conjunction with taking Prime Port to market, Perri launched the 2023 leasing campaign for its Perri CSL (Central & Strategic Logistics) Platform—with a dedicated integrated specialist asset management and leasing team.
Perri Projects head of business development Michael Bentley is spearheading the CSL portfolio and said the portfolio was targeting high standards of fit-out and design to attract and retain tenants.
“We recognise that workplace design is critical to tenant, employee, and customer engagement,” Bentley said.
“A key part of Perri’s strategy is our strong desire to stand out from the pack by offering clients a higher standard of industrial leaseholds with unrivalled serviceability.
“Prime Port epitomises our Perri CSL Platform approach, offering a contemporary space which maximises functionality and useability, enhances professionalism and timeliness, and reduces
waste and risk.”
