Diversified property Group, Mirvac, has leased a 17,000 sqm industrial facility to household and commercial appliance manufacturer Miele, at its Calibre industrial development at Sydney's Eastern Creek.
The lease term is seven and is made up of 17,000 sqm of warehouse facilities and 780 sqm of office and showroom space, purpose built for Miele.
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A vital commercial and operational component for all businesses is the property it uses, owns and manages. That means the commercial property market conditions can have a significant impact on a businesses operational costs, and keeping up to date with trends in property can help drive efficiency and cost-saving.
Global logistics giant CEVA has signed on as the first tenant at Mirvac Group's Calibre industrial estate in Eastern Creek in Sydney's west in a four-year deal worth about $2.2 million in annual rent.
CEVA Logistic has leased the entire first building constructed at what was previously the federal government quarantine station. The lease covers 18,000 square metres of warehousing and a 1000 sq m office space.
With over 19 years experience in property, development and investment, Mirvac Group Industrial Executive, Stuart Penklis' work at Mirvac involves anticipating the future needs of industrial users and securing premium assets in strategic positions in Sydney and around Australia.
TheUrbanDeveloper.com recently sat down with Mr. Penklis to speak all things industrial, including trends, drivers, technology and advice for up-and-coming developers.
Mirvac is in talks with retailers and third-party logistics operators as tenants for its flagship $200 million Calibre industrial estate in Eastern Creek in Sydney's west after receiving planning approval this week from the NSW government.
The 22-hectare Wallgrove Road estate, in Sydney's premier industrial precinct, will deliver more than 120,000 square metres of high-tech warehouses and offices over the next five years.