Frasers Property Industrial acquires 23.4-hectare site in Melbourne’s west

Frasers Property Industrial has expanded its logistics portfolio in Melbourne’s booming west after acquiring a 23.4-hectare industrial land parcel in Cobblebank, Victoria.

Located at 1 – 15 Ferris Road in the City of Melton, the new site will be developed into a $215 million logistics estate.

This latest acquisition adds to Frasers’ land bank, which stood at 2.9 million square metres on 31 March 2022. Upon completion, new logistics estate will be able to accommodate over 100,000 square metres of built form.

Andrew Hanna, General Manager – Victoria at Frasers Property Industrial, said that industrial land supply in Melbourne is becoming increasingly scarce, which is becoming putting significant pressure on land prices and rent in the city’s west.

“We are therefore pleased to have acquired Cobblebank, which boasts exceptional fundamentals in having a vast frontage and immediate access to the Western Freeway,” Hanna said.

“Amenable travel times to Cobblebank from Melbourne’s transport nodes are largely similar to our other estates in Melbourne’s west and the cost base was also relatively competitive,” he said.

Frasers said that the new property is situated in an Urban Growth Zone, under the state government’s Toolern Precinct Structure Plan.

“The City of Melton is also one of the fastest growing municipalities in Australia, and Cobblebank will create jobs for a growing workforce in the area,” Hanna said.

“With a thriving local economy, we are confident that the estate at Cobblebank will attract a host of blue-chip customers seeking to grow their presence in the region.”

Cobblebank sits on the corner of Western Freeway and Ferris Road, 33km away from the Melbourne CBD and the Port of Melbourne and 22km from Melbourne Airport.

The location spans an 800-metre frontage, with immediate access to the M8 Western Freeway via a four-way diamond exchange.

Frasers said that Cobblebank’s position on this arterial road will provide maximum public visibility for future customers occupying the property.

A proposed signalised entry at Ferris Road is set to provide 24-hour B-double access to Cobblebank when the development is completed.

In designing the estate, Frasers said that sustainability has been in mind. The site will target a minimum 5 Star Green Star Design and As-Built v1.3 certifications for all facilities.

This latest acquisition follows Frasers’ acquisition of a 42.3-hectare estate at Canvas West, which is located at 917 Boundary Road, in Tarneit. The Canvas West estate has attracted notable customers including Shaw Fabrics, Silk Contract Logistics and VidaXL.

Industry Property Group agents Andrew Macqueen and Cameron Hunter facilitated the Cobblebank sale.