CBRE has negotiated a new, long-term lease to CMV Truck & Bus Pty Ltd for a warehouse recently vacated by Ceva Logistics. 

The most recent “Estate One” deal at 81-97 Princes Highway, Dandenong South, provides CMV with an additional 10,006sqm of warehouse space and 467sqm of extra office immediately adjacent to its existing Princes Highway showroom / dealership – which has recently undergone a substantial refurbishment.

The expansion will further support CMV’s truck storage, assembly and servicing functions, and parts warehousing in the short-term – and eventually, its diversification into electric trucks.

The facility includes seven on-grade roller doors, four recessed docks, and boasts an impressive 9.5m internal springing height. In preparation for CMV’s occupation, the landlord has also invested in general building upgrades and refurbishment.

CBRE Senior Director, David Aiello, together with Sasan Misaghian and Patrick Noone negotiated the 10-year lease at a commencing rental speculated to be in the vicinity of $180 per sqm net.

“In addition to its high-profile dealership – CMV have a substantial footprint in the immediate Dandenong South / Hallam precinct. This transaction allows them to consolidate those buildings under one roof, and to gain tremendous efficiencies and cost savings as part of the process” Mr Aiello said. 

The transaction reiterates just how far industrial rents have moved in Melbourne’s south-east – with growth having averaged circa 20% per annum across the 2022 and 2023 calendar years. While tenant demand has eased in the first half of 2024 – the vacancy rate for buildings in excess of 5,000sqm is still at an historically low 0.93% in the south-east. 

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