Australian real estate investment management firm Qualitas has formed a joint venture with Melbourne-based developer Pelligra to develop a A$500m mixed-use industrial precinct, Assembly Broadmeadows, located on the former Ford site at 1727 Sydney Road in Broadmeadows, Melbourne.
According to the masterplan, the project will see the existing 120,000sqm former Ford assembly building refurbished to provide advanced manufacturing facilities for multiple operators.
Stage One of the masterplan also includes a convenience retail precinct which will commence construction mid-this year, along with future plans for further modern logistics and industrial buildings and a designated office precinct adjoining the Upfield train line.
Further site development opportunities to complement the precinct in the coming years include a 100-room hotel, supermarket, gym and on-site childcare centre.
The masterplan will offer a range of industrial tenancies suitable for manufacturing, automation, logistics, warehousing, technology, trade supply, food production and largeformat retail, delivering over 305,000sqm of GLA once complete.
”The deal with Pelligra is the fifth investment for Qualitas Real Estate Opportunity Fund 2, with Qualitas in the process of completing further capital raising for the vehicle which will increase its dry-powder over the coming months,” said Qualitas in a statement.
”Pelligra has an amazing track record in this sector and we are excited to be aligning with such an established developer to deliver the precinct. We have already secured just shy of $300m of investments for our current Opportunity Fund across a range of diversified asset classes and partners and we are actively seeking more investments off the back of this partnership,” said Andrew Schwartz, Qualitas group managing director and co-founder.
”We are at a pivotal moment in time as fragile international supply chains are being disrupted in favour of domestic manufacturing capability and self-sufficiency. As a result, localised manufacturing is having a revival of sorts – buoyed by the logistics and e-commerce boom and a real push towards embracing new technologies and automation,” said Ross Pelligra, Pelligra Chairman.
”Assembly Broadmeadows will capitalise on this opportunity with a five year plan to realise the inherent value in the site and deliver best-practice manufacturing infrastructure of a global standard. Not only are we looking to engage with and support pioneering industries like hydrogen, electric car manufacturers, robotics and renewable energy, but we are designing the precinct using sustainable practices and a focus on recycling and re-using biproducts across the site to provide cost benefits to tenants for the life of the project,” he added.