Stockland launches $2b business park in Melbourne's west
Diversified developer Stockland has teamed up with landowner Mount Atkinson Holdings to launch a $2 billion business park in Melbourne’s west.
Stockland will be the delivery partner for the $190 million first stage of the business park which is close to a 5000-lot residential estate the developer already has underway in Truganina.
The 260-hectare logistics and business park is set to become one of the largest industrial projects in Melbourne’s fast-growing western suburbs.
Stockland has already sold 11 lots in the park with another five ranging in size from 1.2 hectares to 3.2 hectares now available.
Mount Atkinson Holdings is run by wealthy landowners David Scalzo, Anthony Caligiuri and Eli Goldfinger who control a 700-hectare development parcel of which about half has been zoned for residential.
Both joint venture partners will be hoping to tap into a wave of e-commerce and logistics activity driving the sector.
“The area is flagged for significant freight and logistics infrastructure investment and is in close proximity to the planned future Outer Metropolitan Ring Road, and Western Interstate Freight Terminal,” Stockland’s workplace and logistics manager Tony D’Addona said.
Charter Hall recently struck a logistics contract nearby for a 44,000 square metre warehouse with capacity to hold 730 million Mars bars to cater for Toll Group’s contract with Mars Wrigley Australia.
It was the first warehouse pre-commitment for the fund manager’s Charter Hall Prime Industrial Fund (CPIF) which owns the Midwest Logistics Hub estate, a 60 hectare greenfield site in Truganina.
Get a weekly roundup of the latest news from Commercial Real Estate, delivered straight to your inbox!
