The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterWed 15 Feb 17

$250m Mixed-Use Business Park Fields Record Demand

TheCrossing_aerialsmall_620x380

Melbourne development and advisory group Cadence Property Group fielded unprecedented demand for Stage 1 of its new $250m mixed-use business park, The Crossing, in the city’s burgeoning western suburbs.

With more than 60 per cent of the industrial lots in Stage 1 of The Crossing selling in the first two weeks of the release Cadence Property Group director Charlie Buxton said the strong demand for lots within the estate had been extremely encouraging.

Releasing 37 industrial lots ranging from 1250 square metres to 7000 square metres, Mr Buxton said at approximately $180/square metres to $235/square metres, prices were a 15 per cent improvement on comparable blocks 12 to 18 months prior.

“Compared to a few years ago there are relatively few opportunities to purchase serviced industrial land in Melbourne’s west, which has had the effect of building up demand,” Mr Buxton said.

“Demand is being driven by a huge influx of new residents into the local area and enquiry has predominantly been strongest from small business owners and local developers and investors, who are positive about the area’s future potential and are looking to capitalise on that projected growth.”

Cadence purchased the 50ha site on Leakes Road, Truganina in May 2016.

Located within the heart of one of Australia’s fastest urban growth areas, The Crossing will accommodate a mix of commercial, industrial and retail uses on completion.

Mr Buxton said the site’s position, which incorporates a 600m frontage to Leakes Road, presented a great opportunity for future retail and commercial uses including convenience, large format retail and office accommodation.

The Crossing has been planned so retail and commercial development will occupy Leakes Road, with traditional industrial uses located at the centre of the estate.

As one of the State Government’s eight high-priority road upgrades subject to an $1.8 billion investment, Leakes Road has a projected carrying capacity of 65,000 vehicles per day once expanded into a triple lane carriageway.

“The site is right at the very edge of the western industrial precinct and the residential areas of Truganina and Tarneit providing great opportunities to develop a mixture of product types and land uses,” Mr Buxton said.

Cadence anticipates civil works for Stage 1 will begin shortly after settlement with Stage 2 to be released in the second half of the year.

RetailIndustrialAustraliaConstructionReal EstateConstructionSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
The Dorcas Street project replaces demolished walk-ups with 131 modern apartments, the first step in a multi-stage redev…
LATEST
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/250m-mixed-use-business-park-fields-record-demand