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Fringe-dwelling Rabbitohs get new $15m vet lab neighbour

ALEXANDRIA is being transformed into a centre for science and technology companies; the most recent addition is by the veterinary pharmaceuticals firm Parnell of a $15 million manufacturing plant and laboratories writes Carolyn Cummins in the SMH of 15 August 2009.

The area is already home to the Redfern Technology Park, the new headquarters for Channel Seven and many apartment blocks. Nearby, the South Sydney Leagues club is being redeveloped by the firm Trivest.

Albert Bertini and Alastair Hood, of Trivest, said the economic environment offered many opportunities, despite institutional buyers freezing buying activity.

''Tenants are looking for buildings with a point of difference, where the space is something unique for staff and also stands for the brand of the company,'' Mr Hood said.

Although developments remain scarce, vacancies are low among the existing properties in the area as more companies look to the city fringe districts for headquarters rather than the expensive CBD.

In a recent report, the senior manager for city fringe sales and leasing at CB Richard Ellis, Andrew Westaway, said those markets had been holding firm and vacancies were continuing to fall. He said there was still strong tenant demand from advertising, marketing, IT and publishing companies for character office space in converted warehouses and former wool stores.

He said there had been strong growth in net rents over the past two years. Net rents in the December 2008 quarter ranged from about $272 sqm to $497 sqm, with an indicative rent at $381 sqm.

Parnell's chief executive, Robert Joseph, said the group chose the 3000 sqm site because its international expansion was dependent on the construction of a world-leading pharmaceutical manufacturing facility which would ''become a key pillar in our global expansion''.

Parnell specialises in the research, development and manufacture of animal pharmaceuticals. Since it began nearly 50 years ago, it has developed and launched more than 60 products for companion, production and performance animals.

Source: http://business.smh.com.au/business/fringedwelling-rabbitohs-get-new-15m-vet-lab-neighbour-20090814-el4t.html