Frasers snaps up Truganina site
FRASERS Property Australia has acquired an industrial land and building package in Truganina, with an estimated end value of more than $37 million, in the latest transaction in the western Melbourne suburb.
The Maker Place site encompasses 49,810 sqm and will comprise two office and warehouse buildings totalling 30,885 sqm and 161 car spaces, expected to be completed in July next year.
Cushman & Wakefield’s David Norman negotiated the deal on behalf Vaughan Constructions.
“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,” general manager southern region of Frasers Property Australia’s commercial and industrial division, Anthony Maugeri, said.
“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 the West Park Industrial Estate was recently leased in separate deals. CEVA Logistics took 23,199 sqm of a speculatively developed facility in Foxley Court that Frasers Property had sold to Primewest without a pre-commitment for $23.5 million, and Perth-based CTI Logistics leased 15,228 sqm at 33 Archer Road.
Earlier this week, Logos acquired the circa-77,000 sqm Kmart distribution facility in Truganina for $119 million, shortly after buying a 27.5-hectare site at 285 Palmers Road in the suburb for $28 million early in July, with plans to develop a 160,000 sqm logistics estate with an end value of up to $250 million.
Frasers Property’s industrial development underway across its Melbourne estates currently totals more than $90 million, and includes Visy Australia in West Park Industrial Estate at 42,770 sqm, Nick Scali in The Key Industrial Estate, of 9,250 sqm, and two speculative buildings, of 11,079 sqm in Keysborough and 15,000 sqm in Braeside Estate.
Vaughan recently secured three deals worth $30 million at its Hammond Business Park in Dandenong, prompting construction of office and warehouse facilities for Bidfood, Timberwood Panels and an Australian beverage manufacturer.
Meanwhile, Frasers Property is hoping for around $50 million from the sale of the proposed Atura Edmonson Park Hotel, within its Ed Square Town Centre development in Sydney’s south-west.
The four-star, 10-level hotel is slated for completion in the third quarter of 2020, and will comprise 167 rooms, four conference rooms, swimming pool, gym and a 110-seat food and beverage outlet.
The 145,000 sqm Ed Square Town Centre development includes around 1,800 homes, more than 120 retail outlets and a proposed entertainment and cinema precinct.
Round one expressions of interest bids close on September 4 through CBRE.
Australian Property Journal