VAUGHAN Constructions will build the first speculative industrial facilities for joint venture partners Mirvac and Blackstone, as it launches its new 25-hectare Biodiversity Industrial Estate off the Hume Highway at Epping in Melbourne’s north.
The circa-$60 million buildings include a 30,000 sqm facility on a five-hectare site that is capable of being split into two tenancies, and a 15,500 sqm facility on a three-hectare site.
“We are extremely pleased to be able to announce the Mirvac/Blackstone deals in launching a new estate to a northern Melbourne market which currently has an acute lack of quality industrial facilities especially so close to the Hume Freeway,” Vaughan director, Mark Byrne said.
“Mirvac and Blackstone are confident about finding tenants as they embark on what is a relatively new way of doing things in an evolving industrial market driven by e-commerce and a booming state economy,” Byrne said.
Construction will commence on both buildings early in the new year.
Stage one of The Biodiversity estate has the potential to accommodate a further 103,000 sqm of warehousing, while stage two is currently in the planning phase and comprises 50 hectares with potential of up to 250,000 sqm of warehouse area, giving the estate an end value of $375 million.
JLL head of industrial & logistics for Australia, Tony Iuliano, who brokered the deal, said it was likely there would be more speculative deals of this nature as demand for new, efficient, and well-located industrial buildings grew and supply continued to diminish around the country, adding there is some $20 billion of unsatisfied capital both offshore and onshore looking to deploy into the Australian industrial and logistics sector.
Vaughan is undertaking a speculative, circa-$37 million build for Frasers Property at Maker Place in the western suburb of Truganina, which includes two office and warehouse buildings totalling 30,885 square metres on a 4.98-hectare site.
Australian Property Journal
