Located at 7/109 Riverside Place, Morningside, the building includes a small cold storage capable of -21 degrees. MRC Ventures is paying $300/sq m under a 5 year lease. The annual rental income is $84,000 gross.

The deal was negotiated by Shaw Harrison, Director, Industrial and Logistics at Savills Australia who said any cold storage at present is in particular high demand with the lack of quality frozen and chilled premises being dried up and a current vacancy of less than 1%.

“MRC Ventures, who distribute coconut based food products, has secured the space as it allowed their strong forecasted growth and to set up their new wholesale and retail ventures, serviced from a strong central location.

“We had three groups looking at securing the space at once, and in the end the landlord was attracted to the new long 5 year commitment at asking rental with no incentives.

“The previous building tenant who expanded their operation last year and relocated was still using this building, but they were looking to initially sub-lease this space out. Testament to the demand at present, we assisted the landlord negotiate a surrender and replace with a new lease, without a single day of vacancy.”