The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JUST 15 DAYS UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 15 DAYS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
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
15
print
Print
RetailTue 08 Oct 19

Frasers and ESR Offload Nissan HQ for $100m

04c5bebe-9c77-4753-8d5b-0cc7b2c4e074

Singaporean real estate investment trust Ascendas has made a $100 million-plus play scooping up a suburban office building in Melbourne’s outer-east from joint venture partners Frasers Property and ESR.

The eight-level building, currently under construction and due for completion mid-2020, is in the first stage of the larger business park development in Melbourne’s south-east suburb Mulgrave.

The first stage will comprise 17,393sq m of office space, with car manufacturer Nissan to occupy 11,000sq m for its national headquarters.

▲ Plans for the eight-level building, Nissan's national headquarters at 254 Wellington Road,.


The larger 4.67-hectare site has received planning approval for 60,000sq m of commercial, and 2,497sq m of retail and car space, as part of plans for a $400 million business park.

The entire development is slated for completion by around late 2025.

Frasers Property’s Anthony Maugeri said the divestment forms part of Frasers on-going capital management program in Melbourne.

“We are pleased to secure a strong result for our first asset prior to practical completion,” Maugeri said.

Frasers and ESR previously developed 211 Wellington Road, a $51 million office project comprising 10,159sq m across five storeys.

ESR Australia chief executive Phil Pearce said the company would now focus on the next three phases of development of the 254 Wellington Road site.

CBRE and JLL managed the Ascendas transaction.

RetailOfficeAustraliaMelbourneReal EstateDeal
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
A hydrogen production facility, part of the Hydrogen Energy Supply Chain (HESC) project to ship hydrogen from Victoria to Japan.
Exclusive

Minister Intervenes, Approves Hastings Hydrogen Facility

Marisa Wikramanayake
Windsor Lutwyche Road DA hero
Development

Arch-Filled Commercial Strip Filed for Brisbane’s Northside

Phil Bartsch
Landcom The Joinery Annandale a build to rent development on the former westconnex site
Build-to-Rent

Landcom Takes Cover Off BtR Plans at Annandale

Renee McKeown
The NSW Government-owned corporation s preparing its first build-to-rent development in a metropolitan area with 220 apa…
LATEST
A hydrogen production facility, part of the Hydrogen Energy Supply Chain (HESC) project to ship hydrogen from Victoria to Japan.
Exclusive

Minister Intervenes, Approves Hastings Hydrogen Facility

Marisa Wikramanayake
3 Min
Windsor Lutwyche Road DA hero
Development

Arch-Filled Commercial Strip Filed for Brisbane’s Northside

Phil Bartsch
3 Min
Landcom The Joinery Annandale a build to rent development on the former westconnex site
Build-to-Rent

Landcom Takes Cover Off BtR Plans at Annandale

Renee McKeown
3 Min
Cromwell 19 National Circuit Barton ACT rendering HERO
Office

Cromwell Lands Lease for Canberra Office Block Scheme

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/frasers-and-esr-sell-nissan-hq-100m