Boral, Dexus, Pelligra win rezoning windfall
Dexus has secured an industrial rezoning for three western Melbourne sites as it advances plans to develop land around its Horizon 3023 estate and a proposed 630ha logistics precinct with Boral.
Amendment C255melt to the Melton Planning Scheme rezones 100, 106 and 220 Riding Boundary Road, Ravenhall, from Farming Zone to Industrial 1 Zone, with a Development Plan Overlay to facilitate industrial and commercial development.
The amendment creates a pathway for development on land diagonally opposite Dexus’s Horizon 3023 industrial estate, near the Western Freeway and Caroline Springs railway station.
Dexus and its opportunistic fund Dexus Real Estate Partnership 1 secured rights to the holdings across 2022 and 2023.
In February 2023, realestatesource.com.au reported Dexus, through DREP1, paid a speculated $100m-plus for a 46ha holding comprising 220 and part of 106 Riding Boundary Rd.
Boral site
The state government has also begun planning for an adjoining employment and industrial precinct at Ravenhall, with Dexus and Boral to undertake technical work under a proponent-led process in collaboration with the Department of Transport and Planning.
The companies announced their joint venture in May 2026 to develop Boral’s 630ha Ravenhall landholding, the site of its Deer Park quarry, into a logistics and warehousing precinct with potential lettable area of up to 2.5 million square metres.
Boral will contribute land progressively at market value following rezoning and retain a 50 per cent interest in the development.
Dexus and future third-party capital partners will hold the other half, with Dexus responsible for rezoning, development management and leasing.
“Melbourne’s industrial market is continuing to push west, with established precincts such as Laverton North and Truganina extending towards Tarneit and the outer western growth corridor,” Colliers’ Hugh Gilbert said.
“Ravenhall is well positioned to benefit from that expansion, with the added potential to connect industrial development with Geelong and the broader western freight network,” he added.
“As Melbourne continues to grow outwards, the need for land that can accommodate logistics, warehousing and industrial operations will remain an important consideration for the market,” according to the executive.
“The challenge will be ensuring new precincts are supported by the necessary transport infrastructure and can bring land to market in stages that align with occupier demand” (continues below).
Staged development
Development of the Boral site is expected to be staged around the transition of quarrying operations and availability of land.
Dexus chief executive Ross Du Vernet said the company welcomed the government’s decision and had helped shape the proponent-led planning approach.
“With Boral, we see the potential to create one of Australia’s largest industrial and logistics precincts, supporting local employment, attracting investment and delivering new infrastructure for Melbourne’s west,” the executive added.
Fully developed, the broader precinct is expected to support more than 31,000 jobs and contribute nearly $15 billion annually to state economy.
Dexus industrial executive general manager Chris Mackenzie added Horizon 3023 has attracted tenants including Amazon, Nike and Tesla.
Pelligra
Pelligra has joined Dexus and Boral in a state government planning initiative covering future employment precincts at Ravenhall and Warrawee, near Truganina.
Pelligra bought a 20.8ha site at 31 Fuller Road, Ravenhall, for $25.3m in 2019. It already held other real estate in the area.
The three groups will fund planning and infrastructure work with the Department of Transport and Planning under an industry-led process/
Warrawee has previously been identified in Melton’s strategic planning as a proposed industrial precinct.
The proposed Melton East suburb expected to deliver 12,000 homes housing c36,000 residents, seven schools and more than five MCGs worth of parks and reserves.
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