One of Australia’s largest logistics companies, QUBE Logistics, have leased Welshpool premises as a new distribution warehouse and container park. JLL’s Logistics and Industrial team, Director, Andrew Fife, and Head of Industrial, Nick Goodridge, negotiated the deal

In less than 4 weeks of JLL being appointed to market the asset, an industrial warehouse at 23-29 Fargo Way, Welshpool WA, has been secured by one of Australia’s largest logistics companies, QUBE Logistics, who will use this premises as a new distribution warehouse and container park.

Leasing agents from JLL’s Logistics and Industrial team, Director, Andrew Fife, and Head of Industrial, Nick Goodridge, negotiated the deal on behalf of the lessor, Properties & Pathways, who acquired the asset back in 2018.

23-29 Fargo Way, Welshpool includes a building area of 4,681sqm, refurbished office accommodation over two levels, good clearance warehouse and drive around capabilities.

The proximity to Roe Highway and the lack of supply in core industrial locations such as Welshpool were the driving forces behind the rapid execution of the deal to QUBE Logistics, who held off multiple under bidders to secure the space.

Mr Fife said, “The supply of product above 3,000sqm has quickly diminished due to the acceleration of industrial occupier activity being fueled by online retailing, the buoyant mining sector and WA business confidence of operating in a Covid free environment.”

In the short time 23-29 Fargo Way was marketed, multiple offers were received demonstrating the demand of industrial assets particularly in this location.

Mr Goodridge said, “We are now more commonly experiencing under bidder scenario’s where tenants are targeting properties with strong terms and missing out.”

“Due to the lack of options available in in-fill locations we forecast this to be a common theme moving forward in the market and expect tenants will be driven towards pre-lease scenarios and opportunities in the core markets,” Mr Goodridge added.

JLL’s Logistics and Industrial team has leased over 12,000sqm in Welshpool throughout July and August and is carrying unprecedented levels of demand from tenants seeking logistics space across all industrial sub-markets.

“eCommerce and 3PL tenants represented over half of the Perth industrial overall take-up of space (>3,000 sqm) over the course of the past 12 months, with record demand seen in FY21, and this is being consistent with the significant rise in eCommerce demand on the eastern seaboard,” Mr Goodridge said.

To request leasing information please contact the leasing agents JLL’s Logistics and Industrial team, Director, Andrew Fife, and Head of Industrial, Nick Goodridge, negotiated the deal via the below contact details.