This article is from the Australian Property Journal archive
FRASERS Property Australia will add another industrial park across Melbourne’s south-east to its portfolio, planning to build a $300 million estate on a newly acquired Dandenong South site of 41.3-hectares.
Situated at 875 Taylors Road, the site is one of the few remaining vacant land opportunities in the region zoned for industrial use and has acquired by the Singaporean-backed group for around $80 million.
Frasers has developed around $1 billion worth of industrial estates in the south-east region since 2013, and has recently completed The Key Industrial Park in Keysborough, while the 23-hectare Braeside Industrial Estate in Braeside is currently under development.
The Dandenong South site has a permit for earthworks and master planning is “imminent”, according to Frasers, which expects to bring the first stage to the market in early 2020 with a three to five-year development horizon.
Several options will be available, including pre-lease and speculative development, land and build packages and land sales.
Anthony Maugeri, general manager – southern region commercial & industrial, Frasers Property Australia said the acquisition is a significant strategic purchase for the business, and that the south-east Melbourne market continues to perform as one of the city’s strongest industrial areas.
Nearby occupiers include Amazon, Woolworths, Jayco, L’Oreal, Mainfreight, Bunnings, Dulux and Aldi, and the site offers close accessibility to Eastlink Freeway and South Gippsland Highway.
Frasers acquired a 63.4-hectare site in Melbourne’s northern suburb of Epping late last year for $40 million, on which it is looking to build up to 250,000 sqm of facilities with an end value of $250 million, while in the western suburbs it owns the West Park Industrial Estate in Truganina.
“The ability to offer our customers three key geographic, industrial locations in Melbourne affords us a distinct market advantage to provide more options.”
Brad Esler and Kosta Filinis from Savills negotiated the deal in conjunction with Matt Gillett and Anthony Maugeri from Frasers Property.
Filinis said the acquisition was one of the largest land parcels sold in Dandenong in the last 10 years.
Australian Property Journal
