Makita has purchased a six hectare Truganina site with plans for a distribution and service centre.
The land forms part of Melbourne Business Park – a 260ha industrial estate being co-developed by Stockland and Mt Atkinson Holdings.
The partnership has sold 21 lots within the project’s 95ha first stage; it is also offering parcels for pre-lease.
Upon completion, it is expected the business park will accommodate a million square metres of product worth a total of c$2 billion.
Makita’s present local chief service centre is in Keilor Park, near Melbourne Airport.
Makita moves west
Other occupiers to commit to Melbourne Business Park since its launch in late 2019 include Ashi Hire, Pelligra, Universal and Winslow.
Califam has taken three adjoining lots on Riding Boundary Rd, a major thoroughfare which will be extended into the estate.
“The Workplace and Logistics sector continues to drive significant growth for Stockland’s commercial property portfolio,” the developer’s group executive and chief executive officer, Commercial Property, Louise Mason, said (story continues below).
“Melbourne Business Park will provide employment to thousands of Victorians and, with early works now started, the project will be a significant contributor to Victoria’s employment and economic growth as we recover from COVID,” added colleague Tony D’Addona, general manager, Workplace and Logistics.
The Truganina estate, on Hopkins Rd, is about a 25 kilometre drive from both Melbourne Airport and Port of Melbourne.
It is also near the proposed Outer Metropolitan Ring Road – which will connect the region to Donnybrook, in the north.
The Western Interstate Freight Terminal is planned close by too.
Elsewhere in the suburb, nine months ago, Stockland paid Time & Place and MaxCap $60m on a funds-through basis for two distribution centres.
Not long earlier, GPT spent $34m on a 32.7ha parcel on Riding Boundary Rd, the street which, last week, rival Goodman snapped up a 125ha parcel.
Charter Hall, Frasers Property Industrial, LOGOS and Mapletree are amongst the other major institutional investors to hold industrial development sites in the suburb.
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