Stockland, a diversified Australian property group and Australian Stock Exchange listed company, has launched the first stage of Melbourne Business Park, the A$2 billion industrial project in Melbourne.
The 260 hectare logistics and business project is set to become the largest industrial project in Melbourne’s fast growing western suburbs.
Located around 25 kilometres west of Melbourne’s CBD in the suburb of Truganina, the 95 hectare first stage sits adjacent to Stockland’s Mt. Atkinson masterplanned community, currently under development.
“Melbourne Business Park is set to become the city’s largest and most innovative future logistics project. Capitalising on the strength of Melbourne’s growing population in the western suburbs, this project will help fuel the strong demand for industrial land,” said Louise Mason, Stockland Group Executive and CEO of Commercial Property.
”..the Workplace and Logistics sector continues to drive significant growth for the Commercial Property portfolio.”
“As announced at our 1Q20 results, the Workplace and Logistics sector continues to drive significant growth for the Commercial Property portfolio. Our pipeline now totals over $2.5 billion, and continues to perform strongly as we up-weight our exposure to this asset class through development and strategic acquisitions which reflect forecast total returns above our investment hurdle rates,” she added.
”The $190 million first stage of Melbourne Business Park has already seen Stockland obtain strong interest with Stockland accepting offers on 11 lots. A further five industrial lots ranging in size from 1.2 hectares to 3.2 hectares will be released today targeting owner-occupiers and investors with consolidated superlots also available,” said the company in the statement.