‘WAFEX’ Case Study
Industrial Commercial Partners Agents:
Philippe Levesque – FAL Property Group (QLD)
David Lamb – MLV Commercial & Industrial Real Estate (WA)
Client / Customer:
WAFEX
Founded in 1991 by current owner Craig Musson, Wafex is a family-owned business that has grown to become Australia’s leading flower company. With offices in:
USA (California), Kenya (Nairobi), Ecuador (Quito) and Australia (Perth, Melbourne, Sydney, and Brisbane).
WAFEX has been a long-standing client of David Lamb MLV Commercial & Industrial Real Estate (WA) and was seeking new premises in Brisbane to facilitate future expansion.
Property Details:
A 4,521sqm warehouse in Salisbury, in Brisbane’s inner south metro area.
The property was specifically chosen for its additional net lettable area, allowing for future expansion, and for its strategic location nearby complimentary businesses.
Requirement:
WAFEX needed to install a circa 2,000sqm coldroom to a building at significant cost which required a site that would future proof for growth for at minimum the next 10 years, negating the need to move and ensuring the return on the coldroom investment. The site was also quite location dependent as WAFEX wanted to be located amongst other major players in the wholesale flower market.
Outcome:
FAL Property Group assessed WAFEX’s requirements and identified suitable leasing options.
Conducted property inspections and submitted offers on two properties.
Successfully negotiated the lease of the Salisbury warehouse.
FAL Property Group was entrusted with leasing the surplus space across the site.
Secured four successful leases within quick succession, with structures that covered the costs of unused space whilst retaining flexibility for WAFEX to reabsorb those areas in the future.
WAFEX valued the Industrial Commercial Partners national network and the local market expertise provided by FAL Property Group throughout the process.