International real estate developer and manager Brookfield Properties is set to make its first foray into the Victorian industrial real estate market following its successful procurement of development approval for a logistics centre.
Cardinia Logistics Estate will provide more than 185,000 sqm of space across two sites in Pakenham. The estate is owned by Brookfield Asset Management.
The new site will offer super prime, secure and scalable last-mile facilities with warehousing ranging from 1500 sqm to 20,000 sqm, as well as warehouse clearance heights of 13.7 metres.
The total development will comprise of 32 warehouses. Early groundworks are complete with Stage 1 construction set to commence later this month. The estate’s first warehouses will be available to occupy from late 2025.
“Cardinia Logistics Estate is a rare opportunity for tenants to secure scalable space within a prime institutional-grade logistics hub in one of Melbourne’s most sought-after industrial precincts,” Senior Vice President of Developments at Brookfield Properties Will Green says.
“Pakenham remains tightly held and has experienced rapid growth on the back of major infrastructure projects, with scarce opportunity in infill markets like the cities of Monash, Dandenong and Casey.”
The approval for the new site follows the completion of the 12.6-hectare Connect Central Sydney Logistics Estate in Villawood, over 90 per cent of which is already leased or in advanced negotiation.
Tenants joining the Villawood estate include Kerry Logistics, Honest to Goodness, Scope Joinery, Ricky Richards, FJT Logistics and Euro Car Parts.
Brookfield Asset Management currently holds over US$24 billion in assets across its global portfolio and has 6.9 million sqm of operating space with a further 8.4 million sqm under development across its operations in Australia, China, the US, Canada, Europe, the Middle East and Korea.
The expansion of its Australian logistics portfolio has come as part of a broad, strategic push into alternative sectors.
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