Salta sells c$230m Melbourne industrial site
Two years after picking up a major Melbourne industrial development site, Salta has sold just over half for an impressive capital gain.
ESR and Frasers Property Industrial, in an equal partnership, are the buyers; the 64.4 hectare parcel, 635S Hall Road, Cranbourne West, is speculated to be costing c$230 million.
A c$900m business park is planned with the pair expected to retain most product.
A portion is expected to be sold down as a subdivision.
The first buildings should appear in 2026.
GO Commercial Industrial’s Andrew O’Connell was the agent (story continues below).
Salta will retain the neighbouring 58.6ha property – known as 690 Western Port Highway – which it purchased with 635S Hall Rd, from Dacland and Leighton Properties, for a speculated c$170m.
More industrial product, potentially with an end value circling $1 billion, is expected for that block.
For ESR, the deal comes three years since it outlaid over $75m for a 78.8ha parcel in the suburb, 590 and 620 Western Port Hwy, presently making way for the Greenlink business park.
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