Dustin Martin's Pet Solutions International Signs Lease for $1.1m Income

Dustin Martin's employer, Pet Solutions International, has secured a lucrative new lease for a premium cold storage and distribution facility in Launceston, Tasmania.

What happened?

The Launceston asset, located at No.13 Richard St, Western Junction, is home to Nature's Best (TAS) Pty Ltd, a wholly owned subsidiary of Pet Solutions International Limited. The company has signed a new 15-year lease, extending to 2041 with four further five-year options through to 2061, with fixed 3 per cent annual rent increases.

Why it matters for Dustin Martin

As an employee of Pet Solutions International, Dustin Martin's employer is benefiting from this significant lease agreement. The facility's substantial size and strategic location within Launceston's TRANSlink Airport Industrial Precinct make it an attractive asset for investors.

What comes next?

The property is for sale by expressions of interest, closing August 19. CBRE and Elders Commercial are listing the property, which is expected to be popular due to its quality and scarcity in the market. The lease profile, including fixed annual rent increases and a corporate guarantee provided by Pet Solutions International Limited, provides an exceptional level of income security for investors.

The facility itself is substantial, sitting on a commanding 2.385ha freehold landholding and comprising a 7355sq m distribution facility featuring a purpose-built refrigerated annex, a fully racked turnkey cold storage configuration, extensive concrete aprons, and 12 airlift loading docks. All equipment remains the responsibility of the tenant.

CBRE senior director Shaun Venables said buyer interest since launch had been considerable, with interest coming from a range of private and institutional investors attracted to the asset's scale, income profile, and strategic location. "Industrial assets continue to be highly sought after because they offer secure income streams, low vacancy rates, and strong underlying tenant demand," he said.

The scarcity of comparable offerings in Tasmania is expected to drive strong campaign activity, with CBRE associate director George Wilkinson stating, "We expect the property to be very popular throughout the campaign given the quality of the asset and the scarcity of comparable opportunities in the market."

The property's lease options extending through to 2061 provide an exceptional level of income security and give buyers confidence in both the tenant's long-term commitment to the site and the ongoing performance of the asset.

The facility's strategic position within Launceston's TRANSlink Airport Industrial Precinct places it at the intersection of Tasmania's three major supply chain corridors, with direct access to Highway 1, Launceston Airport, and key shipping connections.

The property is listed with CBRE and Elders Commercial, and expressions of interest are closing on August 19.

Conclusion

Dustin Martin's employer, Pet Solutions International, has secured a significant lease agreement for a premium cold storage and distribution facility in Launceston, Tasmania. The facility's substantial size, strategic location, and lease profile make it an attractive asset for investors, and the scarcity of comparable offerings in Tasmania is expected to drive strong campaign activity.

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