Real Estate Source, Tuesday 16 June 2020
Mark Pallisco
A leading developer has started work on the next stage of two industrial estates which will generate hundreds of new construction jobs.
Book printer Lightning Source has pre-committed to Pellicano’s Innovation Park, in Melbourne’s Dandenong South.
The Ingram Content Group business will occupy a 5000 square metre facility estimated to be worth about $9.5 million upon completion later this year.
About 600 sqm of the investment will be configured as offices.
The Tennessee headquartered company announced in 2010 it would establish in Australia, opening a facility in Scoresby a year later.
It operates in France and the United Kingdom, too.
Leedwell partner Steve Smith brokered the deal.
ICCONS moved into its Dandenong South warehouse at Innovation Park late last year.
Pre-commitments back on a roll
Pellicano joint managing director Renato Pellicano said Lightning Source is the sixth pre-lease deal at Innovation Park in just over 12 months.
The five other agreements – for a total area of 39,500 sqm, in stock estimated to have an end-value of c$61.5m – were signed in 2019.
Fastening wholesaler ICCONS moved into a 6190 sqm purpose-built Innovation Park facility in December.
At the south east corner of Frankston Dandenong and Colemans roads, the 74 hectare master-planned business park is about 31 kilometres south east of the city.
Dandenong South, along with neighbouring Dandenong, is arguably considered the most exclusive and valuable industrial pocket in which to rent or buy outside of Melbourne’s inner city.
Mr Pellicano is a second-generation family business leader.
The company was co-founded in 1967 by his father, Nunzio and uncle, Frank, the latter who died in 2015.
A 21ha park was named in the suburb after the late businessman – on land the company had donated to the council years earlier at 43-67 National Drive.
In late 2018, eCommerce giant Amazon chose a recently vacated Bunnings logistics complex at 1-29 National Dve, as its first Australian fulfilment centre.
Headquarters made to measure the way to beat the big-guns
With stock typically in prime locations – like Dandenong South – Pellicano competes with Australia and the world’s largest institutions for clients.
Mr Pellicano said exceeding occupier expectations – and holding a portfolio of high-quality properties – are amongst the reasons the Mount Waverley based business snares so many new ones.
“We pride ourselves on making sure each of our facilities is tailored to the client’s precise business needs – for example, Lightning Source’s space will be temperature and humidity controlled; a consideration which is essential for a publishing company,” Mr Pellicano added.
“In addition to our high standard of construction, Innovation Park’s proximity to Eastlink and Monash Freeway attracts clients like Lightning Source who rely on efficient linkages to greater Melbourne and interstate.
“One of Pellicano’s points of difference is the company’s philosophy of ‘win-win’ outcomes, which allows for a collaborative process whereby clients work closely with…representatives”.
It was this process that led Lightning Source to secure a customised facility suited to its needs, the landlord said.
Lightning Source managing director Dave Piper added the developer “was able to make decisions with us on the fly” which meant it “could get the perfectly tailored site that we needed to take the next step in our business”.
Its incoming facility will allow increased production.