This article is from the Australian Property Journal archive
PEET is continuing to grow its industrial land portfolio in Melbourne with the $40 million purchase of a 64 hectare site in Truganina.
Located on Leakes Road in Truganina, the property is approximately 20 kilometres west of Melbourne’s CBD and is within the urban growth boundary and could be rezoned for industrial use within the next 18 months.
Peet’s managing director Brendan Gore said this latest acquisition brings to three the number of land-parcels held by Peet in the immediate area, following the purchase of the Boundary Road and Palmers Road properties over the past few years.
“Peet now holds more than 110 hectares of prime land earmarked for future industrial use in the western industrial node of Truganina, with ready access to ports, airports, railways and freeways,” he added.
Gore said Peet is also actively looking at landholdings with industrial development potential in Western Australia and Queensland.
Peet currently manages the Peet Income Property Fund, which acquired its first Victorian property – a $9.1 million office/warehouse at Tullamarine with a yield of 7.2% – earlier this year.
The fund holds 10 non-CBD commercial and industrial properties spread across QLD, WA, the Northern Territory and VIC.
Australian Property Journal