DOMAYNE furniture Hire and Property Styling has snapped up the lease of an office and warehouse in Brisbane’s northern suburb of Northgate at 16&17/62 Crockford Street.
The asset, that came with a 2,398sq m* building area and a 4,000sq m* site area, was signed up for an initial seven-year leasing term with a three-year option.
The agents declined to comment on the rental, however industry sources say it was between $135-$155psqm.
The property was marketed and leased by Ray White Commercial Queensland Senior Sales and Leasing Executives Aaron Aleckson and Andrew Doyle and Director – Brokerage Services Paul Anderson, with CBRE as co-listing agents.
Visionary and director of Domayne furniture Hire and Property Styling, Melinda Littman, established the business four years ago after identifying a gap in Brisbane’s property market where it was hard for property stylists and homeowners to hire/rent high-end, luxury furniture packages at prices that wouldn’t break the bank to dress and present their homes for sale.
“Starting from one humble desk in a 9sq m* office in Domayne’s Fortitude Valley retail store, Domayne Hire has now upgraded their warehouse for a third time in a three-year period in order to keep up with the demand,” Ms Littman said.
“Moving into the new Crockford Street Northgate location in early 2020, the 2,382 sq m* single building over two titles hopes to support the business expand further over the next seven years.”
Ms Littman said the reason she chose the property was because it was double the space of the previous warehouse, allowing for expansion, had over 20 car parks and the up-market cafe at the front of the estate was the perfect place to take clients and staff.
“The support we’ve received from property stylists and homeowners since 2016 using our luxury furniture packages to present homes that are selling in Brisbane, Gold Coast and Sunshine Coast and Toowoomba, has seen the business concept flourish,” she added.
Mr Aleckson said after leasing a site to Domayne roughly half the size three years ago, it was great to see the business grow to the point of expansion.
“The site at Crockford Street was flagged by Melinda when it was just an undeveloped land parcel. Before construction had begun, the early stages of the deal were were based off architectural drawings and the vision of the end product,” he said.
“The developer did a great job in recognizing a gap in the market in this size range with a host of other possible tenants inspecting once construction was complete, fortunately for Domayne, they produced the best terms possible to the landlord with an offer he couldn’t refuse.”
Mr Doyle said it was pleasing to see another quality tenant move into the estate at 62 Crockford Street.
“The draw card for this estate really has been the medical precinct and restaurant at the entrance to the site,” he said.
“Domayne now joins a quality list of tenants to the estate such as Thyssenkrupp, Bayer Pharmaceuticals and Bevis and Bartels.”
Mr Anderson said they had seen a spike in enquiry on the speculatively built warehouses in the North Gateway Precinct with a number of tenants still actively looking.
“There’s no doubt that the strategic location of this particular precinct is a massive draw card for businesses,” he said
“It offers many benefits associated with being right on the Gateway Motorway, with easy access to the Brisbane Airport, CBD and Airport Link tunnel.”