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 a rail spur linking to Port of Melbourne, up to 2.5 million square metres of lettable area is mooted.
The end value is expected to be multiple billion dollars.
When complete, the precinct is forecast to contribute up to $14.9 billion per annum to the Victorian economy and accommodate more than 31,000 full time jobs, the partners said.
Joint ownership
Boral – which was taken over by Seven Group Holdings in 2024, about the time it started planning a redevelopment with Logos – will contribute land in stages at market value following a rezoning.
It will ultimately hold a 50 per cent interest in the project.
Dexus and its capital partners will control the balance (continues below).
Also this week we are reporting the asset manager paid $78 million for a Sydney business park.
Deer Park is about 17 kilometres west of Melbourne’s CBD.
Significant site
The Boral deal comes nearly two years since Orica sold part of its outgoing Deer Park site to UniSuper for $260m. 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 the Deer Park holding since 1965.
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