SYDNEY, 10 AUGUST 2018
Frasers Property Australia (Frasers Property) has purchased an off the plan industrial land and building package from Vaughan Constructions in Maker Place, Truganina in Melbourne’s west.
The Maker Place site has a land area of 49,810 sqm and will accommodate two office and warehouse buildings totaling 30,885 sqm, and 161 car spaces.
Anthony Maugeri, General Manager Southern Region of Frasers Property Australia’s Commercial and Industrial division said, “As a direct result of the tight supply of land in Melbourne’s west, we have acquired the Maker Place site and will retain it, together with our 12 hectares in West Park Industrial Estate, Truganina, for new purpose-built facilities.
“Demand for prime grade industrial warehousing remains very high. We see this acquisition as an excellent opportunity to continue our speculative development momentum in the west of Melbourne. A combined 38,000 sqm speculative office and warehouse development in West Park Industrial Estate was recently leased to CEVA Logistics in Foxley Court and CTI Logistics in Archer Way.”
“The Maker Place development will be retained by Frasers Property’s Investment Property Division with an estimated value on completion in excess of $37 million,” Mr Maugeri said.
“We currently have in excess of $90 million of industrial development underway in our Melbourne estates including Visy Australia in West Park Industrial Estate (42,770 sqm), Nick Scali in The Key Industrial Estate (9,250 sqm) and two speculative buildings, the first in Keysborough (11,079 sqm) and the second in Braeside Estate (15,000 sqm).”
David Norman, Director Industrial and Leasing at Cushman & Wakefield brokered the deal. He said, “Large speculative developments can be entered into with confidence as we expect a significant increase in leasing demand within the next two years.”
The Maker Place development will be completed in July 2019.