IndustrialLeon Della BoscaMon 04 May 26
Freeform Debuts with $65.5m Industrial Scheme at Keilor Park
A new industrial developer has entered the Melbourne market with a $65.5-million business park at Keilor Park.
The premium industrial scheme comprising 65 units rising on a site 12km north-west of the Melbourne CBD has secured sales for 65 per cent of Stage 1, half of those off-market before the first sod was turned.
Freeform, founded by director Tim Kourtaibe, is behind Citadel Business Park at 85 Wright Road that is targeting owner-occupiers in the small-format industrial and commercial sector.
Now under construction, the project is expected to complete in November.
Positioned above a natural valley running toward the Maribyrnong River, the project introduces a specification level Kourtaibe said was uncommon for the segment.
Office areas include suspended concrete floors, 3m ceilings, ducted air conditioning and turnkey interiors. Warehouses will be delivered with sealed burnished concrete floors and painted walls, with stone-finished kitchens and fully tiled bathrooms. Each unit has its own solar system and on-site parking, with private rooftop terraces available on some units.
Shared amenities include landscaped communal zones with barbecues and seating, plus a dedicated building offering co-working space, end-of-trip facilities and a rooftop terrace.
Pricing achieved to date sits about 10 to 15 per cent above comparable projects at Keilor Park, Keilor East and Airport West, with further increases forecast across coming releases.
“Buyers in this space are more sophisticated than ever,” Kourtaibe told The Urban Developer. “They know what’s out there. They care about what their workplace reflects on their business, how their team feels walking in each morning and the small details that sit beyond the functional requirements.”
Kourtaibe, formerly development director at Ledlin Developments, founded Freeform as his own vehicle for design-led industrial, commercial and residential projects.
His background spans construction, real estate sales and development, including delivery and commercialisation of large-scale business park projects across Melbourne.
He said he attends every purchaser and tenant inspection at Citadel, and gives prospective buyers his direct contact details for technical queries throughout the build—an approach he credits with strong off-market activity.
“Most industrial product is a commodity,” Kourtaibe said. “We’re building something that moves beyond that. The hard numbers still must stack up. But the intangibles matter just as much, and that’s where we focus.”
Freeform’s broader pipeline includes several further industrial projects at various stages of planning, with the company’s strategy centred on design-led industrial, commercial and residential projects delivered in partnership with landowners and equity partners.
Citadel is not the only design-led industrial product targeting the Keilor corridor.
In December, Gravias won approval for Keilor and Co—a $12-million refurbishment at Keilor East. The developer has been securing lease rates approaching $250 per square metre at its nearby Slater Park project.
