New South Wales
Frasers Property are further strengthening their industrial development portfolio with the acquisition of two sites in Eastern Creek in Western Sydney.
A 10-hectare site was purchased from CSR, and while the price was not disclosed, it could be worth around $40 million based on current land values in Eastern Creek. Frasers’ second plot covers 3.5-hectares and was secured from developer Jacfin.
"The two land acquisitions are strategically positioned to capitalise on the rapidly expanding Western Sydney region," Frasers general manager Ian Barter said speaking with AFR.
"Demand is very strong in this area, which is driven by displaced users from traditional industrial regions, a once in a generation infrastructure spend, strong population growth and a critical shortage of land.
"These purchases further restock our ‘land bank’ in a highly sought-after area and will help us maintain a strong presence. We have already developed over $950 million worth of institutional product in the region," he said.
The Hub Westlake shopping centre, in Brisbane’s western suburbs, has been recently acquired by Real Asset Management (RAM) to round out their Australia Retail Property Fund to $300 million.
In an off-market deal that was negotiated by Jacob Swan and Sam Hatcher from JLL, RAM secured the mall for $10.5 million. Ex-UBS investment banker Scott Kelly, is leading the fund on behalf of some high net worth investors – investing in various neighbourhood shopping centres that present yields of 7% and above.
This western Brisbane site covers 4848sqm and is zoned for development up to three stories.
RAM head of real estate, Will Gray spoke to the Australian Financial Review (AFR) sighting the Hub Westlake’s strength in joining the $300 million RAM Australia Retail Property Fund.
"The centre is well supported by a residential catchment of almost 5000 people and will continue to benefit from strong local population growth, as well high barriers of entry for competing offers," he said.
A 28-hectare plot in Melbourne’s outer south-east is the latest development site for sale to be snapped up by Paul Little – an AFR rich-lister. Little Projects (Mr Little’s real estate development business) partnered with Pomeroy Pacific to acquire the $19.1 million Cranbourne West site, setting plans for a mixed-use development.
Mr Little spoke with AFR earlier in the year, stating his intentions to move away from multi-unit residential work. Their focus is shifting to hotel and student accommodation projects over the next few months.
"This acquisition represents a further diversification of our project pipeline and we are excited to have secured one of Cranbourne West's last significant and strategic land holdings," said Little Projects' development director, Leighton Pyke.