Repco is set to expand under a long-term lease with GPC Asia Pacific and Brisbane Airport Corporation (BAC) for 22,467m2 of existing warehouse and office at Export Park, Brisbane Airport.
The 15-year lease at 51-57 Qantas Drive will occupy 90 per cent of the existing 25,162m2 distribution facility, including an expansion of the internal office and storage of 555m2.
BAC general manager commercial businesses John Tormey said: “This agreement is not only a reflection of the site’s ideal location and connectivity, but also of our ability to deliver flexible solutions to meet our client’s needs,” Mr Tormey said.
Mr Tormey said 51-57 Qantas Drive has only been on the market for three months since the previous tenant Schenker vacated at the end of August.
“This lease takes the vacancy of our industrial offerings down to 3 per cent, compared to Australia TradeCoast’s industrial vacancy of 6.3 per cent as assessed by the PCA in March this year,” he said.
“Being able to lease the majority of the space in such a short time to a major Australian household brand is a great success for the airport.”
Part of GPC Asia Pacific, Repco is one of Australasia’s 25 most recognised brands and the most recognised automotive consumer brand, with 290 stores across Australia.
The Qantas Drive warehouse will provide Repco about 50 per cent more space than its current premises on Viola Place, also in the airport precinct under a lease to investors Growthpoint.The warehouse will be fully refurbished before the lease commencement on 1 October 2015, including new warehouse racking, a new sprinkler system and additional office and storage space.
Colliers International Queensland State chief executive Simon Beirne said the lease is one the largest for existing prime industrial space in Brisbane this year.
“This lease is a prime example of the increasing demand for larger distribution centres and warehouse facilities,” he said.
“The national average industrial floor space has increased by 33 per cent since 2010; driven by companies’ relentless drive for efficiencies, e-commerce and growing demand from population growth.”
