Investa purchases Cranbourne West Industrial Site
Investa Property Group announced today that its commercial development business, Investa Commercial Developments (ICD), has entered into an agreement to buy a 48 hectare business park site at Evans Road, Cranbourne West, 40 kilometres south east of Melbourne.
The development site is within close proximity to major transport routes. It is located 2 kilometres from Westernport Highway, South Gippsland Highway and the Merinda Park railway Station. Both the East-link and Monash Freeways are within 7 kilometres.
Investa's Group Executive Commercial developments Richard Johnston said that the site presented a great opportunity to enhance Investa's exposure to a key industrial market in Melbourne's south east.
"Demand for industrial sites in Melbourne's south east growth corridor continues to be strong while the availability of land remains tight. The acquisition presents a great opportunity for us to grow our development portfolio in Victoria," Mr Johnston said.
"The Cranbourne West project will build on the success of Investa's 195 hectare Paramount Industrial Estate at Deer Park which is under development and over 60% sold," he said.
The Cranbourne West site will be developed into a business park subdivision suitable for industrial, research and development and commercial operations. The estate is expected to be developed between 2009 and 2012.
The site was sold by Tony Iuliano of Colliers International.
"The site is strategically located and provides much needed supply to the local Cranbourne market and wider Southeast market given its close proximity to existing road infrastructure and East link when it opens later this year," Mr Iuliano said.
The Cranbourne West acquisition increases Investa's industrial development pipeline to $1,050 million spread across 900 hectares on the eastern seaboard. Of this, 150 hectares is currently under civil construction and an additional 100 hectares has subdivision approval.
For further information, please contact Richard Johnston on 0439 955 023.
Disclaimer: This release may contain forward looking statements. Such forward looking statements are not guarantees of future market conditions, results or performance. The forward looking statements are subject to risks, uncertainties and other factors which may cause actual events to differ from the forward looking statements in this release. Those risks, uncertainties and other factors include, but are not limited to, general economic and business conditions; trends and business conditions in property markets in Australia; competition; changes in Investa's strategies, plans and operations; governmental regulation; changes in interest rates and other risks and uncertainties. Investa disclaims any intention or obligation to update or revise any forward looking statements in this release, whether as a result of new information, future events or otherwise.