03 Sep 2019
MELBOURNE, 3 SEPTEMBER 2019
Frasers Property Australia (Frasers Property) has purchased a 43-hectare premier industrial land parcel from a private syndicate in Melbourne’s West for approximately $27.5 million1.
Situated at 917 Boundary Road, Tarneit, the property which is zoned for industrial use is located in a tightly held area.
Anthony Maugeri, General Manager – Southern Region Commercial & Industrial, Frasers Property Australia comments, “This is the second major land acquisition Frasers Property has made in Melbourne within the last 12 months, following the successful purchase of a 41.3-hectare land parcel in Dandenong South. We are replenishing our depleted stock in key markets across Melbourne where land values, rents and investment demand is increasing.
“The well-located Tarneit property further extends our reach in Melbourne’s largest industrial market, where we have held a strong market presence for over 20 years. During that time, we have developed over $1.1 billion dollars’ worth of industrial warehousing including West Park Industrial Estate, Park West Industrial Estate and Access Altona Industrial Estate2.”
The first stage is expected to be brought to the market in late 2020 with several customer solutions available including small lot sales and pre-lease, speculative and turn key development options. The site is expected to attract warehousing and distribution companies.
The new site will accommodate up to 150,000 sqm of built form, with an estimated end value of $200 million3. Development time frame is expected to be between three to five years. The new acquisition complements Frasers Property’s industrial land holdings in Melbourne’s North and South-East.
Deer Park Bypass, Western Freeway and Princes Freeway provide excellent access to 917 Boundary Road. The proposed Western Interstate Freight Terminal and Outer Metropolitan Ring Road will also fuel additional demand in the area.
Frasers Property is nearing completion of its West Park Industrial Estate (310-hectares) which is approximately two kilometres east of 917 Boundary Road.
Matt Gillett and Anthony Maugeri from Frasers Property brokered the deal.
1 Purchase price of the land.
2 Approximate end value of the developed industrial estates in West Melbourne from January 1999 until August 2019.
3 Approximate end value of the developed estate on completion as at August 2019.