Property fund manager ISPT has filed plans for the first stage of its $1.1-billion project on a 62.3ha site at Dandenong South.
The super-backed developer and investor reportedly bought the site at 265 Dandenong Hastings Road three years ago for $300 million.
The first stage would deliver an 83,000sq m industrial shed for up to eight tenancies, while the broader estate would comprise 20 specialised warehouses, with spaces from 7000sq m to 80,000 square metres.
The site is well connected and near the Western Port Highway and Portlink Drive with access to Melbourne’s CBD and core south-east industrial markets.
The proposal, dubbed 265 Dandenong Hastings, has a strong ESG focus, targeting a 5-Star Green Star rating with solar photovoltaic systems, rainwater tanks, EV charging and the deployment of recycled building materials, which would deliver a 10 per cent reduction in embodied carbon.
ISPT project director (industrial) Matthew Cox said the plans had been filed with the Greater Dandenong Council and that it was hoped work would begin early next year.
Cox described the project as “one of the strongest industrial offerings in the country”, and one that would comprise open green spaces, sustainable design and the retention of native trees.
“Our team has worked hard to deliver exceptional built-form outcomes that celebrate cultural heritage, the natural environment and history of the local area,” Cox said.
ISPT has about $21 billion in funds under management, with assets across retail, office, industrial, healthcare and education.
The fund manager this year sold the Katoomba Village Shopping Centre in the Blue Mountains for $34.8 million.
It also has topped out another project, which it is developing alongside its mandate partner, HESTA, at 33 Victoria Parade, Fitzroy.
The A-Grade commercial building, Brenan Place, which is being built by Hansen Yuncken, is a 12,096sq m building above a new $206-million biomedical research facility, the Aikenhead Centre for Medical Discovery.
Due to complete in early 2026, anchor tenant St Vincent’s Health Australia will occupy more than 40 per cent of the building.
