Cushman & Wakefield Australia continue their Victorian agency growth, today announcing the addition of a Mount Waverley office.
The additional location follows the rapid expansion of Cushman & Wakefield’s presence in Victoria and ongoing national business growth which has seen the Australian agency team grow by over 100 appointments in the past 18 months.
Leading the charge for Cushman & Wakefield’s Melbourne industrial sales and leasing growth is industry veteran Andrew O’Connell. Andrew joined Cushman & Wakefield in February 2017 and brought with him over 27 years industrial real estate experience, specialising in Melbourne’s south east, where he transacted some of the largest leasing and sales transactions in recent years. Andrew heads a team of seven established operators, the majority of whom joined Cushman & Wakefield in the first quarter of 2017.
Earlier this year Andrew and his colleague Robert Colaneri, managed the sale of a 40,000 sqm site in Clayton South for $23.08m at a 6.56% yield. The property was purchased by an offshore investor and received significant market interest from both institutional and private investors.
Commenting on the sale, Robert noted “There is lack of quality industrial investments with strong lease covenants in Melbourne’s south east, and there is an investment appetite for industrial sites up to $50 million. We saw this during the sale process with institutions and syndicates driving up enquiry, joined by very healthy levels of private and offshore investor interest.”
Andrew O’Connell said: “Melbourne’s industrial market continues to attract substantial levels of investment interest. We expect to see the fundamentals of the industrial market and constrained stock levels underpin increased competition for assets for the remainder of this year. Yields also remain tightest in the south east, reflecting the level of competition for quality stock,” Mr O’Connell concluded.
According to recent Cushman & Wakefield research, investment in to Melbourne’s industrial sector totalled $249 million in the third quarter of 2017 and Melbourne’s east and south east industrial market enjoyed strong tenant demand, frequently from the pharmaceutical and transport industries seeking excess of 20,000sqm which drove 6% prime rental growth year on year.
Dominic Long, Cushman & Wakefield’s Managing Director, Commercial Real Estate Melbourne, said, “We are delighted to be opening a Mount Waverley office. It was always part of our strategy to have a local presence in this very important industrial market. Having experienced operators based in the heart of the south east enables us to service our clients more efficiently and thoroughly”.
The South East Melbourne office is located at Unit 30, 21-35 Ricketts Road, Mount Waverley VIC.