ESR Australia, Frasers Property Industrial jointly acquire land to create $591m industrial estate

ESR Australia and Frasers Property Industrial have partnered in a 50-50 joint venture to acquire a 64.4-hectre (159.1-acre) parcel of land from Salta Properties in southeast Melbourne that will be developed into a premium industrial estate with a total end value of A$900 million ($594 million).

Located at 635 Hall Road in Cranbourne, the joint venture will develop the industrial facilities on the majority of the estate, with part of the land earmarked for small-lot subdivisions for sale. Melbourne’s southeast is a strong strategic location for industrial estates, with access to major arterials including the Western Port Highway, South Gippsland Freeway, EastLink and the future Salta Properties’ Dandenong South Inland Port. The site is situated in an established industrial submarket of Melbourne, making it an attractive location for customers in ecommerce, manufacturing, logistics and distribution. Works on-site are anticipated to start in late 2024, with the first buildin