Developers buy big in Wyndham

By Alesha Capone

Industrial land in Tarneit and Truganina is continuing to attract top dollar from investors and developers.

Developer 7Nine Investments sold two neighbouring Truganina industrial properties, at 19 and 21 Efficient Drive, for $3.5 million earlier this month.

CBRE, which managed the sale, released a statement which said 19 Efficient Drive features a 1214 square metre building situated on 1849 square metres of land, while 21 Efficient Drive includes a 1382 square metre building situated on 2300 square metres of land.

Ricardo Cappelletti from CBRE said: “The purchaser was a Sydney-based investor who recognises the potential for capital growth within the industrial hub of Truganina and has purchased three buildings in the suburb over the past 18 months.”

Also this month, fund manager ISPT paid $23.1 million for a 40-hectare site at 744 Boundary Road, Truganina.

Just down the road, but in a different suburb, Frasers Property Australia purchased a 43-hectare industrial land parcel, paying $27.5 million for 917 Boundary Road, Tarneit.

According to the Australian Financial Review, the site was previously purchased by Canemoon Investments for $333,721 during 2008.

Frasers Property Australia’s general manager – southern region commercial and industrial, Anthony Maugeri, said the company was “replenishing our depleted stock in key markets across Melbourne where land values, rents and investment demand is increasing”.

“The well-located Tarneit property further extends our reach in Melbourne’s largest industrial market, where we have held a strong market presence for over 20 years,” he said.

“During that time, we have developed over $1.1 billion dollars’ worth of industrial warehousing.”

A statement from Frasers Property Australia said they hoped to build 150,000 square metres of industrial buildings at 917 Boundary Road.