Frasers Property Industrial acquires 23.4-hectare land parcel in Cobblebank, Victoria
MELBOURNE, 6 JUNE 2022
Frasers Property Industrial has acquired a 23.4-hectare premier industrial land parcel in Melbourne’s booming west, responding to significant industrial demand for the region.
The new estate (“Cobblebank”) located at 1 – 15 Ferris Road, Cobblebank, in the City of Melton, adds to Frasers Property Industrial’s strategic land bank, which as at 31 March 2022, stood at 2.9 million square metres. Upon completion, it will be able to accommodate over 100,000 square metres of built form with an estimated end value in excess of A$215 million.
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. It occupies a prime location with an 800-metre frontage and immediate access to the M8 Western Freeway via a four-way diamond exchange. Cobblebank’s position on the key arterial road will provide maximum public visibility for future customers occupying the property. A proposed signalised entry at Ferris Road will also provide 24-hour B-double access to Cobblebank when the development is completed.
Under the Toolern Precinct Structure Plan released by the Victorian Government, the property is situated in an Urban Growth Zone, which applies to land that is earmarked for urban development to support population and economic growth. Key infrastructure works of Victoria's Big Build project collective such as the West Gate Tunnel Project, and the M80 Western Ring Road Upgrade, are expected to bring about increased accessibility to the area when they are completed.
Andrew Hanna, General Manager – Victoria, at Frasers Property Industrial comments, “Industrial land supply in Melbourne is becoming increasingly scarce and this has put an upward pressure on land prices and rents in the west, which is Melbourne's core distribution market. We are therefore pleased to have acquired Cobblebank, which boasts exceptional fundamentals in having a vast frontage and immediate access to the Western Freeway. 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.”
“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. 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 will be developed in accordance with Frasers Property Industrial’s Premium Estates concept, which incorporates the use of sustainable materials with a warm and welcoming aesthetic that is not found in traditional warehouses. The concept reinforces Frasers Property Industrial’s commitment to delivering high quality facilities, amenities, and green open spaces with best-in-class sustainability and technology at their core, to support employees’ wellbeing and enhance communities in surrounding estates.
With sustainability in mind, the estate will target a minimum 5 Star Green Star Design and As-Built v1.3 certifications for all facilities, with a focus on delivering low-carbon solutions through rooftop solar panels and water efficient design, with rainwater capture and reuse.
This latest acquisition bolsters Frasers Property Industrial's presence in Melbourne's western suburbs. Another key development in the area is Canvas West, a 42.3-hectare estate, located at 917 Boundary Road, in Tarneit. Canvas West has attracted notable customers including Shaw Fabrics, Silk Contract Logistics and VidaXL.
The Cobblebank acquisition was facilitated by Industry Property Group agents Andrew Macqueen and Cameron Hunter.