Melbourne-based developer Pelligra Group has snapped up a 20.8-hectare site in Melbourne’s western industrial precinct, and plans to develop a major industrial project around 19 kilometres from the CBD.
Pelligra Group’s Ross Pelligra said the site at 31 Fuller Road, Ravenhall has been masterplanned with Melton City Council for sites ranging from 993sq m to 11,185sq m in size.
Earlier this year, Pelligra purchased two major distribution centres, one in New South Wales and the second in Warwick, Queensland, for $70 million. The centres will be leased to supermarket giants Coles and Woolworths.
CBRE agents Todd Grima, Tom Hayes and Harry Kalaitzis managed the Ravenhall sale, which transacted for $25 million, with plans to work with Pelligra to secure pre-leases or turnkey deals on the total of 45 industrial lots.
CBRE’s Hayes said the Industrial 3-zoned site was one of the last few major land parcels remaining in the Ravenhall area.
“This is a strategic acquisition for Pelligra, providing an exciting development opportunity in a highly sought-after location,” Hayes said.
Once complete, the group says the industrial project has an end value of more than $100 million.
Earlier this month, Singapore logistics REIT Ascendas acquired a new warehouse at 7 Kiora Crescent Yennora in Western Sydney from Pelligra Group for $23.5 million.
In a statement to the Singapore Exchange, Ascendas REIT said it expected the Yennora warehouse development to be completed in the second quarter of next year.
And this week, Dexus snapped up two industrial properties in New South Wales and Victoria worth $173 million.
The Sydney buy, at 37-39 Wentworth Street in Greenacre, is a 19,246sq m facility leased to Real Dairy Australia and Tomkin.
In Victoria, Dexus picked up a new 51,595sq m logistics facility currently being developed for Ford Australia as their national spare parts distribution centre in Merrifield.