Frasers secure 43ha Tarneit Development site
Frasers transaction team have been busy of late with another purchase of a 43-hectare industrial land parcel in Tarneit for $27.5 million.
The site at 917 Boundary Road will be provide at least 150,000 square metres of industrial space with an estimated end value of $200 million. The development is expected to take between three to five years with the first stage expected to be brought to the market in late 2020 through a combination of small lot sales and pre-lease, speculative and turn key development options.
Frasers Property's Anthony Maugeri, general manager – southern region commercial & industrial said, "we are replenishing our depleted stock in key markets across Melbourne where land values, rents and investment demand is increasing"
“The well-located Tarneit property further extends our reach in Melbourne’s largest industrial market, where we have held a strong market presence for over 20 years,” he added.
Deer Park Bypass, Western Freeway and Princes Freeway provide excellent access to 917 Boundary Road. The proposed Western Interstate Freight Terminal and Outer Metropolitan Ring Road will also fuel additional demand in the area.
Frasers Property is nearing completion of its West Park Industrial Estate (310-hectares) which is approximately two kilometres east of 917 Boundary Road.
The site was acquired by Frasers from the Camuglia family’s Canemoon Investments company which acquired to the site in 2008 for just $333,721 in December 2008. Matt Gillett and Anthony Maugeri from Frasers Property brokered the deal.