Frasers Property Industrial has acquired a major development site in Victoria for its logistics and industrial focus
Industrial and logistics property developer Frasers Property Industrial has announced its latest acquisition of a development site for $87 million.
The 41-hectare site is located in Craigieburn, consisting of three land parcels that was acquired from the Cadence Property Group and private vendor Linkage Property to create a new master-planned estate in the undersupplied region.
Located at 50-70 Kinloch Court, Craigieburn, the site, with a net developable area of more than 33-hectares, represents one of the last remaining major industrial land holdings in the Craigieburn North Employment Area Precinct, which is also one of Melbourne’s strongest rental growth corridors.
The deal aligns with Frasers Property Industrial’s strategic objective to grow its development pipeline in tightly held areas across the Eastern seaboard, adding to the company’s 2.2 million square metresstrategic land bank in Australia. It sits north of its 4Ten Epping Premium Estate, which has experienced strong leasing demand.
Cadence Property Group and Frasers Property Industrial will also deliver a suite of infrastructure to the Craigieburn North Employment Area Precinct.
“We are excited to acquire another prime industrial development in this fast-growing Melbourne region,” Frasers Property Industrial Victorian general manager Andrew Hanna says.
“The acquisition aligns with our aim to boost our development pipeline in well-connected corridors close to transport and worker populations, which this strategic location enables.
“We will build on the momentum we have created at our nearby 4Ten Epping estate, which has received significant demand from diverse customers. Melbourne’s north is continuing to undergo significant transformation, with substantial investment in local infrastructure including the North-East Link and inland rail projects set to further increase accessibility.”
This transaction was facilitated by CBRE and Savills.