Frasers sells out industrial estate with two small deals
Frasers Property Industrial has sold down a 43 hectare Tarneit industrial site it picked up three years ago.
The last two deals – for 2040 square metre plots (pictured, top) – were each worth just over $2 million.
FPI paid a syndicate $27.5m for the holding, 917 Boundary Road.
Its subdivision delivered parcels between 1744-4848 sqm.
CBRE’s Ricardo Cappelletti, Fergus Pragnell, Lachlan May and Blake Grewar were the agents.
The transactions comes four months since FPI pre-committed National Tyre and Wheel to a 21,017 sqm facility – filling the Berrinba Logistics Park, in Brisbane’s south.
Low vacancy
A mix of owner occupiers and developers bought or are moving in to Canvas West, the agents said, amongst them Four Properties Group, Incore Developments, Shaw Fabrics, Silk Contract Logistics, VidaXL and WM Homes (story continues below).
“These last two sales [to a freight company, Sandhu Pannu Transport and a land banker] reflect land rates just shy of $1000 per sqm, underlining the demand for space,” Mr Cappelletti added.
“That demand has been driven by the quality of the business park, lot sizes and the booming residential catchment area,” according to the executive.
“Melbourne’s industrial vacancy rate sits at an all-time low of 1.1 per cent, with the current vacancy for sub-4000 sqm spaces in Melbourne’s west at 0.62pc.
“Given the shortage of land supply in the region, many seasoned developers are viewing Tarneit as a great opportunity to bolster their pipeline in a growth corridor a bit further west of the traditional core industrial suburbs such as Truganina, Derrimut, Laverton North, Sunshine West and Brooklyn”.
In July, FPI paid $42m for the 23.4ha ex-Melton Driving Range at Cobblebank, 33 kilometres west of Melbourne.
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