Frasers Property Industrial has snapped up a 41ha block of land in Melbourne’s north amid an undersupply of industrial space in the area.
Acquiring the site at 50-70 Kinloch Court, Craigieburn, is part of Fraser’s plans to grow its development pipeline in tightly held areas across the east coast.
Frasers is working on a masterplan for its new site, which would provide industrial facilities in the “key logistics hub area”.
Frasers Property Industrial Victoria general manager Andrew Hanna said Craigieburn was a rapidly growing precinct 25km north of the Melbourne CBD.
“The acquisition aligns with our aim to boost our development pipeline in well-connected corridors close to transport and worker populations, which this strategic location enables,” he said.
“We will build on the momentum we have created at our nearby 4Ten Epping estate, which has received significant demand from diverse customers.”
Cadence Property Group chief executive Charlie Buxton said delivering infrastructure in the Craigieburn North employment area precinct was a vote of confidence.
“Together with this transaction, we are continuing to develop our adjoining 65ha, $650-million industrial estate, Kinetic Business Park,” he said
“The precinct is well located along the Hume Highway, zoned and readily developable and allows us to immediately bring much needed high-quality supply to market quickly.”
Cadence Property Group and private vendor Linkage Property offloaded the estate to Frasers in a sale negotiated by CBRE and Savills.
CBRE industrial and logistics Melbourne director Daniel Eramo said investors were jumping on the Craigieburn North employment area precinct to lock in logistic developments.
“This, coupled with major infrastructure projects including the North East Link, Somerton Intermodal and the Beveridge Intermodal Freight Terminal, are further cementing Craigieburn as a long-term strategic solution for industrial facilities in Victoria,” Eramo said.
