This article is from the Australian Property Journal archive
ESSENDON Fields, in Melbourne’s north west, has launched the first stage of a new industrial precinct that will have an expected end value of $500 million.
The precinct around the federal government-owned Essendon Airport is controlled by Lindsay Fox and Max Beck on a 99-year lease, and has been developed over the past 20 years to include a shopping centre, car sales precinct, a Hyatt Place hotel, and multiple office buildings, as well as light industrial tenants including Elenium Automation, Suncorp, Bombardier Business Jets, and training centres for Porsche and Volkswagen.
Now, 30 hectares of land will be used for new light industrial facilities, looking to take advantage of demand for manufacturing and logistics facilities near the Melbourne Airport and in Melbourne’s inner and middle ring suburbs.
Construction will kick off next year in line with market uptake on a series of facilities ranging from 3,500 sqm to 10,000 sqm, to be delivered in stages over multiple years.
The first new stage of the precinct is being released by CBRE and Colliers.
Brendan Pihan, CEO of Essendon Fields, said demand for industrial land is “insatiable”.
“The planning regime at Essendon Fields means we can deliver new facilities for customers faster than anyone else. And the location is superior because it’s the closest to the end customer and a talent pool of 1.1 million people within 15 minutes of the site,” he said.
Essendon Fields offers direct access to the Tullamarine Freeway, Calder Freeway, CityLink and the Western Ring Road. Via these connections, 80% of Melbourne’s population can be reached within 45 minutes.
“Prospective occupiers will be drawn to Essendon Fields’s unique interface and abundance of mixed-use amenity, as well as the ability to capitalise on proximity to Melbourne’s CBD, sea and airports,” said CBRE’s Daniel Eramo.
Nick O’Brien of Colliers said there has already been significant interest received from occupiers who recognise Essendon Fields as “one of the most strategic and well-located land estates across Melbourne’s industrial market”.
