- Frasers' will build the new estate a 1 - 15 Ferris Road, Cobblebank
- Currently, Fraser's industrial land bank stands at 2.9 million sqm
- Estate aims to have at least a 5 Star Green Star Design as part of its sustainability targets
As the demand for industrial space continues, a 23.4-hectare industrial land parcel in Melbourne’s west has been acquired by Frasers Property Industrial.
A new estate located at 1 – 15 Ferris Road, Cobblebank, adds to Frasers’ industrial land bank, which stood at 2.9 million sqm as of March this year.
Upon completion, the site will accommodate 100,000 sqm metres of built form and the end value is estimated to be over $215 million.
The site has 800-metre street frontage and provides immediate access to the M8 Western Freeway via a four-way diamond exchange.
The site is located in an Urban Growth Zone, as highlighted by the state government’s Toolern Precinct Structure Plan.
Andrew Hanna, General Manager – Victoria, at Frasers Property Industrial commented that industrial land supply is becoming increasingly scarce throughout the city’s west, which has put significant pressure on land prices and rents.
“We are therefore pleased to have acquired Cobblebank, which boasts exceptional fundamentals in having a vast frontage and immediate access to the Western Freeway. Amenable travel times to Cobblebank from Melbourne’s transport nodes are largely similar to our other estates in Melbourne’s west and the cost base was also relatively competitive,” he said.
“The City of Melton is also one of the fastest growing municipalities in Australia, and Cobblebank will create jobs for a growing workforce in the area.
“With a thriving local economy, we are confident that the estate at Cobblebank will attract a host of blue-chip customers seeking to grow their presence in the region.”
Andrew Hanna, General Manager – Victoria, Frasers Property Industrial
Sustainability in mind
As part of Frasers Property Industrial’s Premium Estates concept, the development at Cobblebank will be incorporated using sustainable materials that are not prevalent many traditional warehouses. This includes green open spaces.
The estate will targe a minimum 5 Star Green Star Design and As-Built v1.3 certifications for all facilities.
The acquisition follows Canvas, another key Frasers development in the area, which is a 42.3-hectare estate in Tarneit.
Industry Property Group agents Andrew Macqueen and Cameron Hunter facilitated the sale.
Singapore-listed Frasers Property Industrial has over $10 billion of assets under management.