MELBOURNE, 23 APRIL 2019
Frasers Property Australia (Frasers Property) has purchased a 41.3-hectare prime industrial land parcel in Melbourne’s South-East industrial precinct, valued at approximately $80 million1.
Situated at 875 Taylors Road, Dandenong South, the property is one of the few remaining vacant land opportunities in Victoria’s South-East that is zoned for industrial use.
Anthony Maugeri, General Manager – Southern Region Commercial & Industrial, Frasers Property Australia comments, “The Dandenong South acquisition is a significant strategic purchase for our business. It compliments Frasers Property’s other well-located industrial land holdings in Melbourne’s North, West and South-East and will further strengthen our position as one of Melbourne’s leading developers of prime industrial product. The ability to offer our customers three key geographic, industrial locations in Melbourne affords us a distinct market advantage to provide more options.
“The site already has a permit for earthworks and master planning is imminent. We expect to bring the first stage to the market in early 2020. Several options will be available for customers including pre-lease and speculative development, land and build packages and land sales. The estimated end value of the developed estate is $300 million2 and will have a three to five-year development horizon.”
He added, “The South-East Melbourne market continues to perform as one of the city’s strongest industrial areas. Frasers Property has developed approximately $1 billion dollars’ worth of industrial estates in South-East Melbourne since 20013. We recently completed The Key Industrial Park in Keysborough, while Braeside Industrial Estate in Braeside is currently under development.”
Kosta Filinis, Director at Savills, commented that the acquisition was one of the largest land parcels sold in Dandenong in the last 10 years and was looking forward to the future supply coming to the market soon.
Neighbouring properties include large occupiers such as Woolworths, Jayco, L’Oreal, Mainfreight, Bunnings, Amazon, Dulux and Aldi. The site benefits from close accessibility to Eastlink Freeway and South Gippsland Highway.
Brad Esler and Kosta Filinis from Savills brokered the deal in conjunction with Matt Gillett and Anthony Maugeri from Frasers Property.
1Purchase price of the land as at April 2019.
2Approximate end value of the developed estate as at April 2019.
3Approximate end value of the developed industrial estates in South-East Melbourne from January 2001 until April 2019.