21 August 2018
Propertylink recently completed the leasing of 2 Costello Place, Seven Hills to online retailer, Mills Brands achieving zero downtime and demonstrating an active approach to asset management.
The six-year lease to Mills Brands commences on 15 January 2019 and will result in zero downtime for the property. Taking a proactive approach to the management of lease expiry, the Propertylink team commenced an early campaign to re-lease the building, supported by LJ Hooker’s Marcel Elias.
The 11,126 sqm industrial warehouse is part of the Propertylink Australian Industrial Partnership II (PAIP II). The building offers scale for Mills Brands’ storage requirements with access to key surrounding road infrastructure to enhance their distribution capabilities.
Propertylink’s Chief Investment Officer, Peter McDonald said “We are very pleased to welcome online retailer, Mills Brands to the Propertylink portfolio.
“This leasing transaction reflects the growth of online retail in the Australian market and the demand by e-commerce occupiers for locations close to transport infrastructure and densely populated areas to facilitate delivery.
“Further, our inhouse asset and property management team have delivered a great outcome for Propertylink, achieving zero downtime on a key near term expiry in the PAIP II portfolio,” he said.
Mills Brands is one of Australia’s fastest growing import and export companies. The online retailer aggregates a wide-ranging portfolio of consumer goods including personal fitness equipment, commercial kitchen equipment, automotive and mobility accessories.