High price for Frasers in Dandenong South
Frasers Property has paid a hefty price for a 41.3-hectare prime industrial land parcel in Melbourne’s South-East industrial precinct, valued at approximately $80 million.
A number of recent land deals have demonstrated how hot the market is with pricing over 100% higher than 18 months ago. At close to $200/square metre the Frasers transaction mirrors the recent acquisition by ISPT of 30 hectares of land in Altona North in March this year and also equals Land Capitals' acquisition of 25ha of town centre land acquired in Mernda in January.
The property at 875 Taylors Road, Dandenong South, has a permit for earthworks with a master planning approval imminent. Frasers expect to bring the first stage of the $300million estate to the market in early 2020 with a progressive development over a three to five-year horizon.
The site benefits from close accessibility to Eastlink Freeway and South Gippsland Highway. Neighbouring properties include large occupiers such as Woolworths, Jayco, L’Oreal, Mainfreight, Bunnings, Amazon, Dulux and Aldi.
The deal was brokered by Savills.