Frasers Property will develop over $190 million worth of new assets in The Key Industrial Park in the South East, and West Park Industrial Estate in Melbourne’s West.
According to Frasers, demand for new warehouses in industrial parks has prompted the investment with an end-asset value of $190 million.
Four tenants have all committed to 10 year leases in new purpose-built facilities in The Key Industrial Park, including CH2 (21,200 square metres), Stanley Black and Decker (21,722 square metres), Silvan (11,948 square metres) and Rubies Deerfield (9,030 square metres).
ARB also purchased a 16,000 square metre warehouse in The Key Industrial Park. These deals will create new assets with an end value of approximately $120 million.
Stanley Black and Decker warehouseWest Park Industrial Estate has two new leases Ceva Logistics committed to a new 10 year lease for a 37,177 square metres purpose-built warehouse, and National Tiles secured a 14,871 square metres building for six years. These transactions will create new assets totalling approximately $70 million (end value).
Frasers Property will develop and build all of the new facilities in both industrial parks.
"Melbourne’s South East and West continues to attract high-quality tenants looking to benefit from the efficiencies and technologies that we offer in new state-of- the-art logistics centres," Frasers Property General Manager Anthony Maugeri said.
ARB warehouseThe Key Industrial Park in Keysborough offers direct access to Eastlink, which provides connectivity to Melbourne’s CBD and key infrastructure including regional and interstate roadways, the airport and local ports.
Ceva Logistics plans to move into its new building in December 2017 and National Tiles late in November 2017.
The park has attracted a broad range of tenants including Australia Post, Chep, Fastline Logistics, Mitre 10, Queensland Cotton, Goodyear and Dunlop Tyres, Catch of the Day, Kuehne + Nagel, DB Schenker and PFG Australia.
Ceva Logistics warehouseWest Park Industrial Estate in Truganina, comprises approximately 320 hectares of industrial land wholly owned and developed by Frasers Property. It is positioned adjacent to the Deer Pass Bypass and provides direct access to the Melbourne CBD and the Port of Melbourne in addition to the Western Freeway, Tullamarine Freeway, Calder Freeway and Western Ring Road.
Stanley Black and Decker is expected to move into its new distribution centre in November 2017 while CH2, Silvan and Rubies Deerfield are likely to occupy their new premises in April 2018. Major groups and logistics providers already residing in The Key Industrial Park include Symbion Health, Rinnai, Trimas, Miele, Adairs, AstralPool, Tyres 4 U, Chrisco, Early Settler, BIC and Dana Automotive.