Developer sought for Melbourne’s premier industrial estate
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14 April 2009
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In what is expected to be one of the most sought after industrial opportunities this year, Australian Pacific Airports (Melbourne) Pty Ltd (APAM) is moving to appoint a developer to drive the continued expansion of the 250 hectare Melbourne Airport Business Park.
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CB Richard Ellis (CBRE) has been assigned the task of securing a developer to continue the development of one of Melbourne’s premier industrial parks.
Approximately 53.7 hectares of land is on offer for the successful developer of the estate, which is already home to major logistics and corporate occupiers including Schenker, Caterpillar, Star Track Express, Toll Global Forwarding, Australian Air Express, Boeing and DHL Danzas.
The campaign represents a shift in approach for APAM which previously followed a low-risk property strategy which vested development control of the estate to a third party.
Under the new agreement, Melbourne Airport will provide the land and project funding, while the selected developer will drive the marketing of the estate, secure new tenancy agreements, and be responsible for the delivery of all new developments. Any new buildings would be owned by Melbourne Airport with the selected developer earning a development fee upon the successful delivery of the project.
CBRE Senior Director, Industrial & Logistics Services, Shane Robb, said the Expression of Interest campaign was expected to attract considerable local and national interest.
“The opportunity to be involved as a developer with Melbourne’s premier industrial estate, without the need to acquire land, fund construction and retain ownership is without a doubt the best industrial development opportunity available in 2009, given the current tight economic environment,” Mr Robb said.
Melbourne Airport is the recognised gateway to Victoria. With a current workforce of around 12,500 people and a total land area of over 2,379 hectares, Melbourne Airport is a significant economic zone in its own right.
“The suburb of Tullamarine is a natural choice for many occupiers for the obvious benefits of adjoining Melbourne's only International Airport. For many occupiers Tullamarine is the staffing and logistical key to a new premises, providing the link between the northern and western suburbs along with 100 per cent freeway travel to the eastern and south eastern suburbs. Boasting no less than three freeways/ highways surrounding the suburb, travel times to Melbourne CBD and Sea Ports is within 15 minutes,” Mr Robb said.
Under its previous development agreement, Australand/CIP has been successful in developing over 61 hectares of land and buildings at the Melbourne Airport Business Park since December 2000, housing 21 separate tenants.
CBRE Melbourne Senior Managing Director, Matt Haddon, said the industrial estate had significant competitive advantages, among them excellent multiple freeway access, the availability of large sites of up to 200,000 square metres and the capability to operate 24 hours.
Expressions of Interest will close at 4pm on Tuesday 5 May 2009. For more information visit www.cbre.com.
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