Fresh from selling a Sydney warehouse project to Singapore’s Ascendas REIT, developer and builder Pelligra Group has bought a 20.8 hectare site in Ravenhall in Melbourne’s west for $25.3 million.
The site at 31 Fuller Road is close to another large site owned by Pelligra as well as sites owned by Dexus and Boral. Nearby is the Mt Atkinson Estate being developed by Stockland.
The 60-year-old family business, led by brothers Paul and Ross Pelligra, plans to develop a major industrial project on the site with an end value of more than $100 million.
CBRE agents Todd Grima, Tom Hayes and Harry Kalaitzis steered the sale and will work with Pelligra to secure pre-leases or turnkey deals on a total of 45 industrial lots.
The vendor was Waigani Pty Ltd, a 41-year-old company directed by Leon Gorr, Anthony May and David Geer. All three are directors of non-bank lender Balanced Securities.
Pelligra Group chairman Ross Pelligra said the site had been strategically master planned in conjunction with Melton City Council to provide sites ranging from 993 square metres to 11,185 square metres.
“We want to help small to medium-sized businesses into their own properties to support intergenerational growth,” Mr Pelligra said.
The development would also help create more than 1000 new jobs.
CBRE’s Mr Hayes said the Industrial 3-zoned site was one of the last remaining major land parcels in Ravenhall.
“Located approximately 15 kilometres from the Port of Melbourne and 19 kilometres from the CBD, the site offers outstanding access to major roads, including the Western Freeway and Ballarat Road,” Mr Hayes said.
“This is a strategic acquisition for Pelligra, providing an exciting development opportunity in a highly sought-after location.”
Mr Grima added: “The lots are expected to attract wide-ranging interest from both small and large occupiers, providing an ideal location for new warehouse, logistics and manufacturing facilities.”
Keep up with Commercial Real Estate news.