Charter Hall, Mitsubishi to build Melbourne logistics investment
Charter Hall has teamed with Japan’s Mitsubishi Estate Asia to develop a 41,000 square metre industrial and logistics investment in Melbourne’s west.
The complex, the first stage of a business park at the south west corner of Dohertys and Fitzgerald roads, Laverton North (impression, top), is due for completion November.
The wider estate is expected to contain 175,000 sqm, with a $500 million end value.
Charter Hall will hold its stake via the Charter Hall Prime Industrial Fund (CPIF).
MEA is investing through MEC Oceania Investments Pty Ltd.
Speculative development due November
Construction and marketing of the 41,238 square metre complex started last month.
Texco is the builder.
The land forms part of CPIF’s Fitzgerald Road Logistics Estate.
Major businesses with distribution centres in the area include Aldi, Australia Post, Coles and Woolworths (continues below).
“We are pleased to have established a new partnership with MEA, one of Japan’s largest real estate consortiums with a successful 10 year track record investing in Australia,” Charter Hall managing director and group chief executive officer, David Harrison, said.
“Through this partnership we will deliver a brand new, state of the art facility that strengthens our capacity to service significant tenant customer demand in a tightly held pocket of western Melbourne,” he added.
Tenancies can be split, with the smallest, 16,216 sqm; CBRE’s Harry Kalaitzis and Tom Hayes with Colliers’ Hugh Gilbert and Nick Saunders are the agents.
The development targets a 5-star Green Star rating with 400kW of solar power generation and an 80,000-litre rainwater storage tank.
The complex will include hardstand and a 6600 sqm super-awning.
“Charter Hall is a highly respected partner with deep expertise in Australia’s logistics sector and we are pleased to be collaborating on this prime Laverton North development,” MEA head of Australia, Yosuke Matsunaga, said.
“The project aligns with MEA’s strategy to expand our investment in Australia through partnerships with leading operators focusing on high-conviction locations and sustainable assets,” he added.
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