Colliers has secured a lease agreement between PK Refrigerated  Logistics (PKRL) and Centuria Industrial REIT (ASX: CIP) for a premier cold storage facility at 102-128  Bridge Road, Keysborough. 

This strategic move supports PKRL's ongoing expansion and reinforces its focus on supporting  FMCG groups in this market, with demand for temperature-controlled storage continuing to exceed  capacity in this location. 

James Stott, Colliers National Director | Industrial & Logistics, said, "We had been working with PKRL  for five years to identify the right facility to accommodate its growth. The company sought a high quality warehouse in a prime location with increasing demand for cold storage and refrigerated  logistics solutions. The warehouse, located in the heart of the Keysborough industrial precinct, was identified as the ideal fit due to its strategic access to Eastlink (M3) and Monash Freeway (M1)." 

For PKRL, a leading provider of temperature-controlled logistics solutions, the lease aligns with its strategy of expanding operational capacity to better service key industries, including Food  Manufacturers, B2B services, food distribution, perishable goods, pharmaceuticals, and Export Cold  Storage Solutions.  

PK Refrigerated Logistics' Managing Director, Paul Kamande, commented, "Colliers has been a  trusted partner throughout this process. After years of evaluating different options, this facility  stood out as the perfect long-term solution for our growing business. Its location, proximity to our  current site, infrastructure, and upgraded cold storage capabilities will significantly enhance our  supply chain efficiency.  

"Our expansion to this new site will see our business increase its storage capacity to 15,000 pallets  and offer specialised temperature storage capabilities. The business certification as a 3PL for  exporter manufacturers in the meat and dairy industries will also expand our service market." 

Recognising the critical importance of modern infrastructure in cold storage operations, the facility  owned by CIP recently commenced a significant refurbishment program. These upgrades have  transformed the property into a high-quality cold storage facility, aligning with industry best  practices and sustainability standards. The upgrades include advanced insulation materials, state-of-the-art refrigeration systems, and energy-efficient technologies, ensuring optimal temperature  control and energy efficiency. 

Mr Stott added, "The cold storage sector in Australia continues to face significant barriers to growth,  particularly for private SMEs that struggle to secure modern facilities. Outside of the major cold  storage corporates, access to purpose-built or existing sites is challenging due to the limited  availability of suitable facilities and the complexities of greenfield development. 

"For many operators, securing a design and construct opportunity requires providing a bank  guarantee at the execution of lease agreements, which can tie up critical working capital for up to  two years, a significant financial burden restricting business expansion. As a result, many high performing private cold storage operators remain in secondary, outdated sites despite having the  demand and operational capacity to fill modern facilities overnight. This highlights the structural  supply-demand imbalance in the sector, creating both a challenge for occupiers and an opportunity  for developers willing to respond to this growing market need." 

The Keysborough industrial precinct attracts major logistics and distribution businesses due to its  prime connectivity, high-quality infrastructure, and proximity to Melbourne's key transport nodes.  With vacancy rates at record lows, the successful lease of this facility highlights the increasing  demand for purpose-built cold storage solutions. 

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