Cadence Property Group lease over 100,000sqm in 18 Months in Speculative Success

Cadence Property Group has pre-leased over 100,000 square metres of speculatively built industrial space in Melbourne’s South East industrial market in what is an indisputable indication of demand awaiting supply.

Developed by Cadence, the facility provides 40,529sqm of high-quality industrial accommodation built by Texco Construction across an eight hectare site in Dandenong South.

The site’s new tenants, including global packaging businesses Orora and San Miguel Yamamura Australasia Group, demonstrate the rise in ecommerce, onshoring and increased inventory demand for industrial space.

The property is located at 95 South Gippsland Hwy, Dandenong South VIC, and was developed as a speculative project across a 20-month development period.

Reaching 100% pre-leasing prior to practical completion is clear evidence of the strength of the market.

“To completely lease an estate of this size prior to practical completion not only speaks to the quality of the development, but also the high demand for industrial infill space,” said Charlie Buxton, Managing Director at Cadence.

“Space is at such a premium in the Melbourne’s southeast and Southside is ideally located to major roads which makes it a very attractive prospect for tenants.”

Southside Industrial Estate is targeting a five-star Green Star certification with sustainability features including 200 kilowatts of solar PV systems, rainwater harvesting to service lavatory water and landscape irrigation, a solar-powered hot water system, energy-efficient LED lighting and water-efficient sanitary fixtures.

“While demand for industrial space remains high, there’s still expectations from tenants for facilities to meet sustainable targets within their organisations, the Southside Industrial Estate is designed to reach those,” added Buxton.

“We’re pleased to have delivered the estate for Centuria to provide sustainable and logistics solutions in a prime location for the incoming tenants.”

The development is anticipated to service approximately 300 new jobs for the Greater Dandenong region when fully operational. The property was officially opened by new Greater Dandenong Mayor Cr Eden Foster.

Southside Industrial Estate is located 31km from Melbourne’s CBD, 34km from the Port of Melbourne and 50km from the Tullamarine Airport. It provides excellent connectivity to major road arterials including the Eastlink, South Gippsland Freeway, and Monash Freeway.