This article is from the Australian Property Journal archive
STOCKLAND and Mt. Atkinson Holdings have launched the first stage of Melbourne Business Park, which will encompass 260 hectares and have an estimated $2 billion end value on completion.
Located in Truganina, the estate is likely to become the largest industrial project in Melbourne’s fast growing western suburbs. The $190 million first stage covers 95 hectares and is adjacent to Stockland’s Mt. Atkinson masterplanned community, currently under development and which will be home to 5,000 families on completion.
“Capitalising on the strength of Melbourne’s growing population in the western suburbs, this project will help fuel the strong demand for industrial land,” Stockland group executive and chief executive officer of commercial property, Louise Mason said.
“Our pipeline now totals over $2.5 billion, and continues to perform strongly as we up-weight our exposure to this asset class through development and strategic acquisitions which reflect forecast total returns above our investment hurdle rates.”
Stockland has been selling off retail assets as part of its portfolio reweighting.
The group has accepted offers on 11 lots within the first stage, and a further five industrial lots ranging in size from 1.2 hectares to 3.2 hectares have been released, targeting owner-occupiers and investors. Consolidated superlots also available.
Construction of Melbourne Business Park is expected to commence in late 2020.
