A Geelong-based bicycle technology start-up is among the businesses turning to one of the region’s biggest industrial precincts, which has racked up $38m in sales.
Partington is relocating to the Wilmac Corio precinct from its existing home at Deakin University’s Carbon Nexus, having recently completed a significant capital raising allowing them to take on the work with their industry-leading carbon fibre wheelsets.
Partington founder and technology chief Jon Partington revealed the company had outgrown its space at the Carbon Nexus facility at Waurn Ponds.
Partington will conduct all design, development and manufacturing activities of its high performance carbon fibre bicycle wheels at Corio, Mr Partington said.
“The Wilmac Corio development provides a unique opportunity to remain local to the company’s origins in Geelong, while becoming more accessible to Melbourne,” he said.
“Proximity and ease of commute improves prospects of talent acquisition out of Melbourne and its surrounding suburbs.
“Cleanskin facilities of this size and scale are sparse and the state-of-the-art space is a perfect fit for Partington’s new HQ.”
The company aspires to be more prevalent on the UCI WorldTour, Mr Partington said after Australian cyclist Rudy Porter claimed the mountain classification at the recent Cadel Evans Road Race aboard the carbon road wheelset.
Porter’s Partington wheelset – described as fast, light and stiff – began life in a small garage in Torquay before it went to commercial market in late 2019.
Partington joins Direct Freight Express at Wilmac Corio, which has purchased a warehouse at Wilmac Corio.
Sam Maugeri said the O’Briens Rd location offered Direct Freight Express unmatched connectivity and quick access to key arterials.
“The opportunity to invest in a landmark industrial development within Geelong’s highly connected northern suburbs was the perfect fit for our expanding business,” he said.
Eight of the 12 warehouses at the development have sold for more than $38m, representing 70 per cent of the two-stage development.
The project is expected to have an end value of $56.5m and is the only one on the market offering new 1000sq m-plus warehouses.
Knight Frank and Geelong agency Darcy Jarman are marketing the project.
The warehouses, built by C3 Constructions, range from 1320sq m to 2558sq m, with an additional 195sq m of mezzanine office space. Lots range from 2141sq m to 4857sq m.
Knight Frank director, industrial logistics Steve Jones said negotiations were underway with other occupiers, including a large scale civil contracting company and a national engineering group.
“While many sales and leases in Wilmac Corio have been to local businesses, we have seen increasing demand from industrial users and investors across the board in Geelong,” he said.
“Businesses are looking to reposition themselves and expand into key gateway cities such as Geelong, which an hour from Melbourne and has transport accessibility, including the Geelong Port, Avalon Airport and key arterial roads.
Wilmac director Angus McQueen said Geelong was one of Australia’s fastest growing regions.
“When we acquired the site, we were drawn to Geelong due to an identified shortfall of high-quality, independent industrial office warehousing,” he said.
