Dexus' Truganina industrial estate.

Dexus signs up AS Colour for new distribution centre

Simon Johanson|Apr 30, 2020

New Zealand-owned clothing retailer AS Colour will lease an 18,800 square metre distribution centre in Dexus’ Foundation Truganina estate in Melbourne’s west.

In a quid pro quo deal, Dexus will acquire AS Colour’s existing warehouse at 22 Business Park Drive, in Ravenhall, for around $9 million after signing AS Colour to a new shed at 12B Felstead Drive.

The new warehouse is still being built, with an expected finish date in the second half of this year.

Both deals were negotiated by Colliers International’s Hugh Gilbert and CBRE’s Todd Grima.

Dexus’ industrial head Chris Mackenzie said the developer has also secured another tenant in a separate 8300-square-metre built-to-lease facility in the estate.

“The deal also enables us to further diversify our industrial portfolio through the acquisition of AS Colour’s facility in Ravenhall,” he said.

Foundation at Truganina’s other tenants include a 7300-square-metre shed for Coles and a 26,600-square-metre facility for eStore Logistics, both due for completion in mid-2020.

It has also started construction on one of Brisbane’s largest built-to-lease warehouse facilities, Freeman Central, at 425-479 Freeman Road, Richlands, it said.