Dexus to co-develop landmark Boral site
Dexus will co-develop a landmark Melbourne site owned by Boral after a deal with Logos early last year didn’t proceed.
The Deer Park property on Riding Boundary Road contains 1105 hectares, about 450ha of which is developable.
A business park is planned, with assets to be co-held with Boral as investments.
The end value of product is expected to be multiple billion dollars.
Seven Group Holdings took over Boral in July, 2024 – at about the time it started planning a redevelopment of the Deer Park site with Logos.
Also this week we are reporting Dexus paid $78 million for a Sydney business park.
Deer Park is about 17 kilometres west of Melbourne’s CBD (continues below).
Significant site
The Boral deal comes nearly two years since Orica sold part of its outgoing Deer Park site to UniSuper for $260 million. A c330,000 sqm business park is planned for that 67ha block to be co-developed with HB+B Property.
In March, Orica listed four high profile commercial/retail sites, also part of that block.
Orica had occupied the landmark parcel site since 1847.
Boral has operated from its Deer Park holding since 1965.
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