- Salta Properties has purchased a 123-hectare industrial site
- Part of their strategic acquisition to continue Salta’s industrial pipeline
- The end value of the Cranbourne West project will be in the vicinity of $1.2 billion
Salta Properties has purchased a 123-hectare industrial site in their strategic acquisition to continue Salta’s South East Industrial pipeline in Melbourne.
The site is located at 690 Westernport Highway, Cranbourne West, and was purchased through Cushman & Wakefield agents Andrew O’Connell and Peter Sagar.
This comes after a $183 million development agreement was made for a rail connected terminal on Salta’s Nexus Dandenong South Industrial estate.
Salta Properties managing director Sam Tarascio said, “this strategic piece of infrastructure has resulted in an unprecedented demand for space at Nexus Dandenong South because of the cost and environmental efficiencies, which clients at the estate will gain as a result of the Dandenong South Inland Port.
“The speed of land take up at Dandenong South is a key driver for our acquisition of the Cranbourne West site, which is located only five kilometres south of our Dandenong South site and 48km from Melbourne’s CBD.”
Salta will develop 690 Westernport Highway, which is zoned industrial, into a premium industrial estate.
Mr Tarascio said, “Cranbourne West will allow us to continue to offer high quality logistics developments in the South East region that can benefit from the Dandenong South Inland Port.
“Clients at both our Dandenong South and Cranbourne West locations will have priority arrangements with respect to access to the Dandenong South Inland Port.”
Salta predicts on completion the value of the Cranbourne West project will be in the vicinity of $1.2 billion, which is in addition to the $1.4 billion on completion value of its Dandenong South estate.
Mr Tarascio said, “Salta has a strong commitment to the South East as evidenced by bringing the Inland Port and Intermodal Rail Terminal to our Dandenong South Estate, making the region even more attractive to major users of freight infrastructure.
“We are aware of recent attempts by others to rezone the land for residential use, but Salta has no intention of seeking such a rezoning for this land.”
