Frasers Property Industrial and ESR Australia acquire 64-ha land from Salta Properties, south-east Melbourne
Frasers Property Industrial and ESR Australia have partnered in a 50:50 joint venture (JV) to acquire a 64.4ha parcel of land from Salta Properties in Melbourne’s south east which will be developed into a premium industrial estate with a total end value of c. $900m.
Located at 635 Hall Road, Cranbourne, the JV will develop the industrial facilities on the majority of the estate, with part of the land earmarked for small lot sub-divisions for sale. Works on-site are anticipated to start in late 2024, with the first buildings to be completed in 2026.
Building on their successful previous partnerships across industrial and commercial developments, this acquisition sees two of Australia’s largest industrial organisations continue to grow their presence in Victoria. With a combined track record of delivering over 320ha of leading industrial estates in Melbourne’s south east, the JV partners bring unique expertise in the delivery of next-generation facilities for the site. Melbourne’s south east is a strong strategic location for industrial estates, with access to major arterials including the Western Port Highway, South Gippsland Freeway, EastLink and the future Salta Properties’ Dandenong South Inland Port. The site is situated in an established industrial sub-market of Melbourne, making it an attractive location for customers in e-commerce, manufacturing, logistics and distribution.