Marketing and communications business IVE Group has signed the lease on Frasers Property Industrial’s Braeside Industrial Estate in Melbourne’s South East.
The latest deal will see Frasers Property Industrial develop and lease a 5.2 hectare facility to IVE Group, comprising a warehouse, print production and office facility.
This is the fifth transaction between the companies, with an end value of over $61 million.
Anthony Maugeri, General Manager Southern Region at Frasers Property Industrial, said the latest deal demonstrates Fraser Property’s long-term customer relationships and how they work with customers closely to meet their specific needs.
“As our customers quickly respond to advances in technology, the rise of e-commerce, and the need for greater onshore production and resilient supply chains, we are creating more efficient, advanced and sustainable places for their industrial and logistics operations to grow,” Maugeri said.
The facility will adjoin an 18,068 square metre print production facility and office, and a 12,755 square metre warehouse and office.
It will also have parking space for 275 cars.
IVE Group has committed to lease terms of 10 years and seven years respectively over the two buildings which are due for completion in December 2021.
“IVE is very pleased to have completed this final stage of its site consolidation program in Melbourne’s South-East,” said Matt Aiken, CEO of IVE Group.
“The consolidation of five of our businesses into one precinct will deliver the company significant efficiencies moving forward,” Aiken said.
“We are very appreciative of Frasers Property Industrial’s collaborative and supportive approach, which has, in part, led to this positive outcome for IVE Group,” he said.
The new facility will be the final development at Braeside Industrial Estate.
Upon its completion, Frasers Property Industrial will have developed a total of 93,505 square metres of warehousing and office space within the precinct.
Frasers Property acquired the 23-hectare site in 2017. The land backs directly on to the proposed Mordialloc Bypass, set to be completed in 2021.
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Source: Frasers Property