Frasers sells Tarneit town centre site

The Grove is masterplanned with c2600 dwellings.

Frasers Property Australia has sold the three hectare tract earmarked to be the town centre at its The Grove housing estate, in Melbourne’s west Tarneit.

Empire Properties is the buyer – the local group has developed mixed-use commercial complexes at Armstrong Creek (Geelong), Maddingley and Roxburgh Park.

Yesterday we reported Frasers rented a 74,000 sqm Sydney warehouse to the parent of Hoover and Ryobi.

In Point Cook, it is responsible for Tribeca Village and Soho Village.

Managing director Tony Masa said the builder has already started preparing to replace its newest property, which covers two lots.

Stockland masterplanned The Grove, and sold 850 blocks before selling the undeveloped 167 hectare balance in late 2018 with deferred payment terms.

FPA agreed to pay $202.5m.

The Grove Town Centre

The Grove Town Centre will include a supermarket, retail and café/restaurant precinct – all up 5200 square metres of lettable area.

Its catchment will be around 15,000 people – just over half from within the estate which upon completion will have c2600 dwellings, a primary and secondary school, medical centre and childcare complex (story continues below).

Stockland established The Grove before selling the undeveloped 167ha to Frasers for $202.5m in 2018.

Tarneit is a major growth suburb 31 kilometres from the CBD.

Since 2015, it has been serviced by a metropolitan train station – which is about five kms from The Grove.

FPA general manager, Development, Victoria, Sarah Bloom, said Empire has a track record delivering high quality neighbourhood centres.

“Th Grove Town Centre will be an important focal point for the new community, with a selection of new shops and services to complement the lifestyle of residents,” the executive added.

“We will work…with Empire Properties during the planning and design phases to ensure that the project is consistent with the character and design of The Grove,” according to the executive.

“This important deal ensures that planning work commences immediately, with construction of The Grove Town Centre to commence within 12 months of the plans being endorsed”.

Completion is expected by the end of 2024, Mr Masa added.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco