Vaughan Constructions co-directors Ken and Matthew Vaughan have sold a 15,000 square metre, untenanted and yet-to-be-built warehouse in the West Melbourne suburb of Truganina.
Singaporean firm Mapletree Logistics Trust agreed to the $18.4 million sale, to be closed upon the building’s completion next year.
The Vaughan brothers, dealing as Woodreddy Investments, will hand over the property at 15 Boterro Place, Truganina by the end of 2020.
The 2.56 hectare site will comprise a Grade A, one-story logistics facility with a minimum clearance height of 10 metres, floor loading capacity of 30 kN per square metre, and net lettable space of 15,100 square metres.
The property will also feature a 2,000 square metre super canopy, allowing users to operate under any weather conditions.
The deal is subject to approval by the Foreign Investment Review Board.
The sale is a welcome sign of growth in the area, with Mapletree noting Truganina’s proximity to major connections (17km from the Port of Melbourne, and 20km from the CBD and Tullamarine) as a major drawcard.
A number of key players have taken their business out west, with private developer Berton Investments having added transport group Secon to their 64 hectare, $50 million Truwest Industrial Estate earlier this year, also tenanted by a Coles distribution centre.
Director of property at TM Insight, Nathan Bingham, said demand for industrial properties in Melbourne’s west was creating a “gold rush” effect.
“This widespread need for industrial real estate in excess of 10,000 square metres in the area has reached a fever pitch with completed transactions and current enquiry levels topping one million square metres,” he said.
The booming e-commerce industry has placed pressure on logistics companies to position themselves in key areas, and with first-class facilities, in order to deliver goods efficiently.
Whether you’re looking for the latest construction news or the latest opportunities in construction jobs, Conecta has got you covered. Create your free profile to get access to our industry networks.