Industrial property in Melbourne's Derrimut presold for $24 million
A warehouse and office has just been pre-sold by Frasers Property Australia to property fund manager Primewest in Melbourne’s Derrimut for $24 million.
The $23,000 sqm warehouse is on Foxley Court in the West Park Industrial Estate and is on a three-year lease.
The development will comprise a new warehouse spread across 22,500 sqm, a 500 sqm office and 67 car spaces. It is expected to be completed in the fourth quarter of 2017.
The deal flow in Melbourne’s west had been strong within the last 12 - 18 months, said Anthony Maugeri, general manager Southern Region C&I for Frasers Property.
“Frasers Property will provide a three-year rent support deed to Primewest with construction and marketing of the building commencing shortly,” he said.
“This is a great opportunity for the businesses to partner in a growing area that lacks quality warehouse investment opportunities. New business partners are also seeking flexible ownership structures and product creation which is what we are delivering.”
Primewest director David Schwartz said the industrial property market was currently one of the most buoyant and sought after in Australia and Primewest was investing heavily in the industrial sector across several states.
Primewest manages a portfolio in excess of $2.1 billion.
“The West Park Industrial Estate was particularly appealing as there was significant latent demand from prospective tenants,” he said.
The deal was negotiated by Colliers International’s Tony Iuliano.
The West Park Industrial Estate is well connected - the Deer Park Bypass is within one kilometre, providing access to the Western Ring Road, Tullamarine Freeway and Calder Freeway while the Port of Melbourne is within 17 km.
Major occupiers in the 310 hectare estate include CEVA Logistics, Schenker, Toll, Goodyear, Mitre 10 and Australia Post.
