Already a subscriber?Logistics giants ESR and Frasers Property Industrial have joined forces to snap up a 64.4ha development site in Melbourne’s south-east which they plan to develop into a $900 million industrial estate., were tight-lipped on the purchase price, well-placed industry sources said the 635 Hall Road property in Cranbourne West had transacted for more than $200 million.
“We’ve talked on and off for a long time and both of us knew this land opportunity was coming up,” Mr Pearce told“We thought it may be an occasion where we work together as we both have successful track records in Melbourne’s south-east.”With its access to major arterial roads including the Western Port Highway, South Gippsland Freeway, EastLink and the future Salta Properties’ Dandenong South Inland Port, Melbourne’s south-east is well suited to large industrial estates.
ESR manages total assets across the Asia Pacific of $70 billion while Singapore-listed Frasers Property Industrial has $45 billion of assets under management. “The increased demand for premium industrial assets persists and this site holds immense potential,” he said.
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