The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterThu 31 Jul 14

Propertylink Snaps Up New Melbourne Markets

N

Sydney-based property investment and asset management company,

Propertylink, has bought the warehousing facilities at the new Melbourne Markets for $77.4 million.


The relocation of the wholesale fruit, vegetable and flower markets from Footscray to Epping in Melbourne’s north is a significant infrastructure project initiated by the Victorian Government.


Australian construction company, 

Hansen Yunken has been contracted to deliver the new facilities in the second quarter of 2015.


The Government has already committed heavily to the project and further capital is expected to be invested in the facilities as the 15.6 hectare site is fully developed during the next decade.


Propertylink Managing Director Stephen Day said, “the markets have been relocated to a prime industrial region of Melbourne and the facilities incorporate the core trading facility, warehousing, distribution centres and value-added businesses".


The purchase reflected an initial passing yield of 9.6% and involves five warehouses over 76,000 square metres with 41 tenants so far, with leases ranging from five to 10 years.
Propertylink’s role will be to assist in the funding and ultimate ownership of the development, working alongside Hansen Yuncken.


The Melbourne Markets have been located at Footscray since 1969 and the relocation to Epping, 20 kilometres north of the CBD, will provide state-of-the-art facilities for retailers and purpose-built warehouse facilities with appropriate insulation, sunken load bays and extended hardstand areas, capable of handling the quantity of vehicles utilising the markets daily.


The market is an important part of the state’s economic infrastructure, and the substantial investment in the new market will enable the approximately $2 - $3.5 billion Victorian fresh produce industry to secure a greater share of the estimated $15.4 billion national industry and further develop export markets.


The existing market precinct will be part of the proposed port and rail development in Footscray over the next 20 years.

RetailInfrastructureIndustrialAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy on the Sound of Cannon: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
View All >
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy on the Sound of Cannon: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
Sponsored

HCP: Real Projects, Real People, Real Returns

Partner Content
Singapore’s Furama Hotels reportedly picked up the Skye Suites for $68 million amidst an Australian acquisition spree.
Hotel

Sale of Sydney’s Sky Suites Year’s Biggest Hotel Deal

Renee McKeown
A Singapore-based company is believed to be the new owner, paying $68 million for the former Crown Group holding…
LATEST
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy on the Sound of Cannon: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Finance

HCP: Real Projects, Real People, Real Returns

Partner Content
5 Min
Singapore’s Furama Hotels reportedly picked up the Skye Suites for $68 million amidst an Australian acquisition spree.
Hotel

Sale of Sydney’s Sky Suites Year’s Biggest Hotel Deal

Renee McKeown
3 Min
Sherpa South Brisbane DA hero
Development

Sherpa Shifts Gaze from Beaches to Brisbane’s ‘Aria Territory’

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/propertylink-snaps-up-new-melbourne-markets