Singapore-listed Frasers Property has acquired a 23-hectare parcel of industrial land in Melbourne’s south-east, with plans to build an industrial estate on the land later this year.
The developer bought the land in Braeside from racing and property identity Lloyd Williams’ company Hudson Conway for about $19 million.
Located on the corner of Governor Road and the proposed Mordialloc Bypass, Frasers “Braeside Estate” will feature range of saleable and leasable assets which general manager Anthony Maugeri reckons will answer the growing demand for industrial land in the area.
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“The land parcel is positioned in one of the most highly sought-after industrial areas within Melbourne’s South East,” he said.
“We expect will remain in high demand from major logistics, transport and warehousing groups.”
Braeside Estate’s masterplan will comprise a mix of options including land sales, A-grade buildings for leases and turnkey opportunities for owner-occupiers.
Maugeri said Frasers’ newest industrial offering will effectively become a natural extension of the 116-hectare The Key Industrial Park in Keysborough, which is fast approaching completion.
The Key Industrial Park was developed by Frasers in 2017 to provide over $190 million worth of industrial assets, and has since experienced $122 million worth in transactions of the park’s purpose-built facilities.
These transactions include a 16,000 square metre turnkey warehouse for ARB, which was sold for $19.4 million, and 16 lots ranging in size from 1,999 to 4,071 square metres, totalling $17.4 million.
Earlier this year, private real estate investment firm Forza Capital paid $31.5 million for a 20,400 square metre industrial property on a "rare" four-hectare site in Blackburn in Melbourne's eastern suburbs. The site is expected to find a future in the retail and commercial sector.
Braeside Estate is expected to launch in mid-2018 with construction set to commence by mid 2019.