Frasers Property Industrial has sold down another Melbourne business park, this time in Braeside.
The Singapore listed group is banking c$3.3 million from four land parcels spreading 5652 square metres at its Braeside Industrial Estate, in the south east.
The sites are trading to two Bayside-based owner occupiers following deals negotiated by Colliers International’s Sam Hibbins, Gordon Code and James Scott.
FPI intends to construct more factories on the balance – be it on a speculative basis or after a pre-commitment.
Demand kept up with supply at Braeside
The developer picked up the 23 hectares making way for the business park in early 2018 – paying Lloyd Williams’ Hudson Conway c$20m.
FPI is at some stage expected to sell at least some of these assets as investments (story continues below).
Braeside is about 25 kilometres from the city.
FPI fills three Melbourne business parks in a year
At the time of striking its Hudson Conway deal, FPI said it had nearly filled its 116ha estate, The Key, in Keysborough, six kilometres east (which it did, last year).
Fifteen months ago Frasers Property Australia spent c$80m on a 41.3ha industrial development site in Dandenong, which is about five north-east of Keysborough.
“The Braeside area is continuing to see strong demand from both owner occupiers and tenants looking to secure their position in a prime location surrounded by excellent amenity and infrastructure upgrades,” Mr Hibbins said.
In a landmark deal, in February, FPI filled its 310-hectare West Park Industrial Estate in Truganina, west of Melbourne, 16 years after it started first seeking occupiers.