Coconut product distributor acquires Morningside storage facility in Queensland

Coconut food product distributor MRC Ventures has secured a small 280sqm unit in Morningside, Queensland, as demand continues for food operations and cold storage operations in the state, announced property agency Savills Australia in a media release.

Located at 7/109 Riverside Place, Morningside, the building includes a small cold storage capable of -21 degrees.

MRC Ventures is paying $300 per sqm under a five-year lease, with the gross annual rental income totalling $84,000.

The deal was negotiated by Savills Australia Director, Industrial and Logistics, Shaw Harrison, who said any cold storage at present is in particularly high demand with the lack of quality frozen and chilled premises being dried up and a current vacancy of less than 1%.

“MRC Ventures, who distribute coconut-based food products, has secured the space as it allowed their strong forecasted growth and to set up their new wholesale and retail ventures, serviced from a strong central location,” Harrison said.

“We had three groups looking at securing the space at once, and in the end the landlord was attracted to the new long 5 year commitment at asking rental with no incentives,” he said.

Harrison revealed that the previous building tenant who expanded their operation last year and relocated was still using this building, but they were looking to initially sub-lease this space out.

“Testament to the demand at present, we assisted the landlord [to] negotiate a surrender and replace with a new lease, without a single day of vacancy,” he concluded.

Source: Savills