GPT Group has paid $34 million for a farm in Melbourne’s west, with plans for a state-of-the-art industrial estate.
The deal for the 32.7 hectare site, 865 Boundary Road, Truganina, was brokered by Lemon Baxter’s Craig Rowe and Paul Sullivan.
The landlord will soon launch a marketing campaign to find tenants for the proposed business park.
GPT announced its intention to buy the industrial zoned block in February as part of a $192.3m spending spree which also saw it pick up a 23,000 sqm distribution centre investment in the suburb and warehouse sites at Sydney’s Kemps Creek and Glendenning.
Sydney’s biggest institutions are camped at Truganina
Elsewhere in Truganina, GPT is developing a 23ha parcel as Gateway Logistics Hub – recently committing Godfrey Hirst and Petstock to a 26,488 sqm facility being the first stage of that project.
In May we reported Charter Hall found occupiers for about 145,000 sqm of its 60ha Midwest industrial estate after half a year of marketing (story continues below).
Five months ago CEVA Logistics agreed to tenant a 37,307 sqm distribution centre at Frasers Property Industrial’s West Park Industrial Estate.
With that lease, the landlord filled its 310ha business park after 16 years of spruiking.
Last November Stockland, which like Charter Hall and GPT is headquartered in Sydney, announced a $2 billion industrial estate – the biggest in Melbourne’s west – was earmarked for a 260ha Truganina site.
To be known as Melbourne Business Park, that project will be constructed with joint venture partner Mount Atkinson Holdings.
Eleven months ago Time & Place, which is based in Melbourne, like FPI, paid Incore Developments $28.6m for a 16.7ha block at 151 Leakes Rd, in the suburb.
GPT’s new site is 28kms from the city.