A private investor and a transport group have secured the last two lots within Frasers Property Industrial’s Canvas West Estate in Tarneit.
Frasers Property Industrial purchased the 43ha landholding at 917 Boundary Road in late-2019 and is developing a new precinct within the rapidly-growing industrial area 25km west of the Melbourne CBD.
Lots within the estate span 1,744sqm-4,848sqm and have been bought by a mix of owner occupiers and developers.
The final two buyers were a land banker and freight expert Sandhu Pannu Transport, which purchased 2,040sqm blocks last month for $2.03m and $2.01m respectively.
Other buyers include Netherlands-based online retailer VidaXL, Incore Developments, Four Properties Group and WM Homes.
CBRE’s Ricardo Cappelletti, Fergus Pragnell, Lachlan May and Blake Grewar managed the Canvas West Estate sales campaign on behalf of Frasers Property Industrial, with the number of transactions since November 2020 totalling 29 including resales.
“These last two sales reflect land rates just shy of $1,000/sqm, underlining the demand for space within the Canvas West Estate,” Mr Cappelletti said.
“That demand has been driven by the quality of the business park, lot sizes and the booming local residential catchment area.
“We’ve fielded significant interest throughout the campaign, with hundreds of enquiries for each stage, and more than 50 parties bidding for lots.”
Melbourne’s industrial vacancy rate sits at an all-time low of 1.1%, with the current vacancy for ~4,000sm spaces in Melbourne’s west 0.62%.
Boundary Road offers access to the Western Ring Road and is just off Derrimut Road, which runs between the Western and Princes Freeways.
“Given the shortage of land supply in the region many seasoned developers are viewing Tarneit as a great opportunity to bolster their pipeline in a growth corridor a bit further west of the traditional core industrial suburbs such as Truganina, Derrimut, Laverton North, Sunshine West and Brooklyn,” Mr Cappelletti added.
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