Frasers Property has purchased a 43-hectare land parcel from a private syndicate in Melbourne’s west for $27.5 million.
The land buy marks the second major Melbourne purchase for Frasers in the past 12-months, following the acquisition of a 41.3-hectare land parcel in Dandenong South.
Frasers Property Southern Region general manager Anthony Maugeri described the 917 Boundary Road buy as a “replenishing of depleted stock”.
“In key markets across Melbourne where land values, rents and investment demand is increasing,” Maugeri said.
The first stage will be brought to market in late 2020 and will include small lot sales and pre-lease, speculative and turn key development options.
Maugeri said the Tarneit property further extends Frasers 20 year market presence and reach in Melbourne’s industrial sector.
“During that time, we have developed over $1.1 billion dollars’ worth of industrial warehousing including West Park Industrial Estate, Park West Industrial Estate and Access Altona Industrial Estate,” he said.
The property is zoned for industrial use, with the site expected to attract warehousing and distribution companies.
In New South Wales, Industrial developer Logos officially opened the first stage of its $230 million Marsden Park Logistics Estate in western Sydney.
Logos purchased the Hollinsworth Road site in 2016 with plans to develop the site into a 100,000sq m logistics estate.