A real pet project
A NEWLY-developed Gold Coast industrial estate has collared a warehouse leasing deal from an expanding online discount pet products retailer.
Budget Pet Products has taken up residence in Enterprise Industrial Park at Molendinar with a long-term lease on a 2796sq m facility.
It is relocating and significantly upsizing its operation from a nearby 1000sq m warehouse, which it had outgrown.
The new facility at 13/27-29 Industrial Ave features 10m internal clearance, sprinkler system, drive-through capability and undercover loading areas.
No leasing details have been disclosed but industry sources indicated tenants in the estate paid rental of $115$125sq m net and terms ranged from five to 12 years plus options.
Budget Pet Products managing director Michael Chen said there were limited quality leasing options available within the Molendinar precinct.
He said Enterprise Industrial Park appealed because it was “one of the only corporate grade facilities in the area with modern day warehouse efficiencies”.
Pat Cavanagh and Daniel Coburn from Colliers International, who negotiated the deal, said the latest lease was struck in line with market parameters.
Mr Cavanagh said a number of interested tenants had been knocked back due to their heavy industrial uses and potential impact on the buildings.
“The owners are delighted with the calibre of tenants being placed in the park,” he said.