This article is from the Australian Property Journal archive
FRASERS Property Industrial has snapped up a 23.4-hectare industrial land parcel at Cobblebank in Melbourne’s in-demand western suburbs.
Set to become a new industrial estate, the 1-15 Ferris Road property in the City of Melton will accommodate more than 100,000sqm of built form and has an estimated end value in excess of $215 million.
“The City of Melton is also one of the fastest growing municipalities in Australia, and Cobblebank will create jobs for a growing workforce in the area. With a thriving local economy, we are confident that the estate at Cobblebank will attract a host of blue-chip customers seeking to grow their presence in the region,” said Andrew Hanna, general manager of Victoria at Frasers Property Industrial.
Sitting on the corner of the Western Freeway, the Ferris Road site boasts 800 metres of frontage and is 33km out from the Melbourne CBD and the Port of Melbourne, while 22km out from the Melbourne Airport.
“Amenable travel times to Cobblebank from Melbourne’s transport nodes are largely similar to our other estates in Melbourne’s west and the cost base was also relatively competitive,” added Hanna.
With frontage and immediate access to the M8 Western Freeway via a four-way diamond exchange, the site offer future tenants maximum public visibility, while a proposed signalised entry at Ferris Road will provide 24-hour B-double access upon completion.
The site is also located within an Urban Growth Zone earmarked for urban development, under the state government’s the Toolern Precinct Structure Plan.
With key infrastructure works under the government’s Big Built set to add further accessibility to area, via projects such as the West Gate Tunnel Project and the M80 Western Ring Road Upgrade.
The new acquisition will add to the group’s already expansive landbank of 2.9 million square metres, as at 31 March 2022.
“Industrial land supply in Melbourne is becoming increasingly scarce and this has put an upward pressure on land prices and rents in the west, which is Melbourne’s core distribution market,” said Hanna.
Cobblebank is set to be developed in line with Frasers Property Industrial’s Premium Estates concept, ensuring the use of sustainable materials and a commitment to high quality facilities, amenities and green open spaces with best-in-class sustainability and technology, while also enhancing the surrounding community.
The estate will target a minimum 5 Star Green Star Design and As-Built v1.3 certifications for all facilities, utilising low-carbon solutions with solar panels and rainwater capture and reuse.
The acquisition of Cobblebank was managed by Andrew Macqueen and Cameron Hunter from Industry Property Group.
Within Frasers Property Industrial’s properties in Melbourne’s west, its key development Canvas West, a 42.3-hectare estate in Tarneit, has recently attracted major tenants including Shaw Fabrics, Silk Contract Logistics and VidaXL.
