ESR Australia forms industrial development JV with Frasers

ESR Australia has entered into a joint venture with Frasers Property Australia to develop a A$400 million ($245 million) industrial park on the outskirts of Melbourne.

“The new acquisition is strategically positioned to offer superb amenities in a location that is well connected to the center of Melbourne,” said Anthony Maugeri, general manager, southern region commercial & industrial, for Frasers Property Australia.

The site has received planning approval for 60,000 square meters (645,835 square feet) of commercial space, a 752-square-meter (8,094-square-foot) café/retail area and 2,497 car spaces. A community hub is also part of the plan, incorporating a gymnasium, restaurant and activated outdoor open space. Its anchor tenant is Nissan Motor Co. Australia Pty.