Frasers Property Australia (Frasers Property) and ESR Australia (ESR) have jointly acquired a 4.67-hectare business park development site in Melbourne suburb Mulgrave area, valued at A$400 million ($276.28 million), when completed.
The joint development is a 50:50 split between Frasers Property and ESR. Frasers Property secured the site while ESR will undertake the development. The entire development is forecast for completion by late 2025.
Concurrently, both developers announced that they also managed to secure Nissan Motor Co. Australia Pty Ltd (Nissan) as the anchor tenant.
Nissan Australia will occupy 11,000 sq m on the south-east Melbourne site and the facility will be spread across five levels (including ground level) of the eight-storey building.
The site is situated within close proximity to major arterials, with access to Monash Freeway (1.3 km), Eastlink and Princes Highway. Melbourne’s Central Business District (CBD) is within 22 km.
The building will comprise of over 9,000 sq m office, 1,850 sq m workshop and 550 car bays. Practical completion of the facility is due in May 2020.
The site has received planning approval for 60,000 sq m of commercial space, a 752 sqm café/retail area and 2,497 car spaces.
A community hub incorporating a gymnasium, restaurant and outdoor open space is also included. The region is predominantly a commercial and industrial area comprising modern offices, industrial parks and large distribution facilities.