Australia's biggest residential housing developer, Stockland, has set plans in motion to launch a $2 billion business park in Melbourne’s west.
The ASX-listed developer has been actively increasing its exposure to office and logistics assets, highlighting a number of acquisition and development opportunities.
Stockland will act as the delivery partner for the private Mt Atkinson Holdings, transforming a 260-hectare site in Truganina into what will become Melbourne’s largest and most innovative future logistics and business project, dubbed Melbourne Business Park.
The area, flagged for significant freight and logistics infrastructure investment, is in close proximity to the planned future Outer Metropolitan Ring Road, and Western Interstate Freight Terminal.
The future business park sits in the industrial hot spot surrounded by heavyweights Goodman, Charter Hall, Blackstone and Logos, who all have facilities within the area.
The 95-hectare first stage of the development also sits adjacent to Stockland’s Mt. Atkinson masterplanned community, currently under development.
“Capitalising on the strength of Melbourne’s growing population in the western suburbs, this project will help fuel the strong demand for industrial land,” Stockland chief executive of commercial property Louise Mason said.
The $190 million first stage of the business park has already seen Stockland obtain strong interest with Stockland accepting offers on 11 lots.
A further five industrial lots ranging in size from 1.2 hectares to 3.2 hectares will be released today targeting owner-occupiers and investors with consolidated super-lots also available.
Mount Atkinson Holdings, lead by David Scalzo, Anthony Caligiuri and Eli Goldfinger, anticipate the precinct will help deliver close to 19,000 local jobs contributing to the state’s significant Western Industrial Node and the Hopkins Road Business Precinct.
“This presents an exciting opportunity for a vibrant, truly integrated, well-connected and self-sustaining masterplanned community at Mount Atkinson, 24kms from Melbourne’s CBD,” Caligiuri said.
The business park will also feature a retail town centre, schools, childcare, and vast public open spaces.
The diversified developer has a diverse portfolio, with exposure to commercial property sectors —office, retail and industrial—as well as its residential projects.
It currently holds a land bank of 76,000 residential lots with an end-market value of $21.4 billion.
Stockland is also looking to reduce its exposure to its retirement living portfolio in Victoria, selling three villages to investment manager Qualitas for $59 million earlier this year.