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JB Hi-Fi Buys $44m Warehouse In Melbourne

Stockland, a diversified property group, has expanded its industrial property footprint after JB Hi-Fi signed a new $44m warehouse lease in Melbourne’s Truganina.

JB Hi-Fi, one of Australia’s most popular electronics and home entertainment retailer, has entered a seven-year lease for 18,023 square metres of office and warehouse space, set to serve as the company’s delivery centre for the state.

Stockland general manager for workplace and logistics, Tony D’Addona, says the new lease from JB Hi-Fi show the demand for space in Melbourne’s booming western industrial precinct.

‘We’re expecting our workplace and logistics business to continue to perform strongly this year, particularly in Melbourne where we’re seeing strong interest in the Truganina corridor from growth businesses like e-commerce and third party logistics companies looking to upscale or establish a footprint in Melbourne,” D’Adonna told The Sydney Morning Herald.

Additionally, Stockland has over $2.5 billion worth of projects currently in development, including logistics projects in Sydney’s Ingleburn, Yatala and Willawong in Brisbane.

Although the property group still has a strong foothold in retail and residential property, chief executive Mark Steinert told the publication they plan to transition away from retail – currently accounting for around 45 per cent of its exposure – over the next 12 months.

Instead, the developer plans to parcel out between 25 to 35 per cent of capital to logistics – a growing sector.

The new warehouse developments in Melbourne’s Truganina comes as a string of popular stores close due to poor retail figures.

Retailers such as Harris Scarfe, David Jones, EB Games and Jeanswest are amongst the brands to have closed stores across the nation.

Harris Scarfe signage is seen in Rundle Mall, Adelaide, Wednesday, December 11, 2019. Historic department store chain Harris Scarfe has gone into receivership. (AAP Image/Kelly Barnes) NO ARCHIVING

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