Aware Real Estate in partnership with Barings has expanded its industrial footprint in Victoria with the acquisition of Austrak Business Park, a 99 hectare high-quality industrial estate in Melbourne’s North for about $600 million.
Located in the core infill suburb of Somerton, 20 kilometres (km) north of the Melbourne CBD, 10km north east of Tullamarine Airport and 22 km north of the Port of Melbourne, the industrial estate is a mix of existing buildings, Australia’s largest intermodal freight terminal due for completion in 2025, and development land.
It is also connected with major transport infrastructure and prominent transport nodes including the Port Rail Shuttle Network and the Interstate Rail Freight Network.
Current tenants include Coles, Bunnings and Labelmakers, while the total development site area encompasses about 373,000 sqm with almost 140,000 sqm having frontage to the Hume Highway.
Aware Real Estate (ARE) has acquired 100% of the Property from the 50/50 joint venture owners, GPT and Austrak AFM.
The transaction is the latest deal arising out of the partnership between Barings and ARE, the US$409+ billion* global investment manager which under the previous banner of Altis Property Partners, played a foundational role in establishing the Aware Real Estate portfolio.
Aware Real Estate CEO Michelle McNally said the investment was the latest acquisition in the $6 billion platform’s strategy of acquiring well-located assets with strong tenants and the opportunity to add value through development.
“The Austrak Business Park represents a significant milestone for our strategic growth into the industrial sector and follows our other developments in New South Wales, The Yards and First Estate,” she said.
McNally added ARE, together with Barings, have developed a cohesive precinct masterplan which will deliver a stronger value proposition for new tenants through the integration of new development opportunities with the existing footprint and the ability to be co-located with rail via the new intermodal facility.
“Our strategy will deliver high-quality new developments with strong placemaking featuring amenities for the site such as cafes and ESG performance with energy efficient buildings, solar panels and EV charging,” she said.
“We will also create a new identity for the estate with targeted marketing strategies to increase its visibility and attraction to potential tenants.
“We also expect an uptick in demand for the Park once the Somerton Intermodal Terminal becomes fully operational next year and able to accommodate up to 1 million TEUs.”
Barings Real Estate Executive Director Shaun Hannah said the manager has a long-standing strategic relationship with Aware Real Estate which includes acquisition, investment and development management services.
“Barings is pleased to continue its partnership with Aware Real Estate through the sourcing of a high-quality industrial and logistics asset that will benefit from significant investment,” he said.
“This is also an opportunity to unlock value through a master planning process and develop the 100 hectare site to its full potential,” he said.
“We believe Austrak Business Park is a transformative precinct and are excited to redefine supply chain efficiencies both in Melbourne and for the state of Victoria through this development.”
The post More businesses move in to take advantage of Australia’s largest intermodal freight terminal appeared first on Rail Express.
Passing on the train over the past 2 months the yard has been lifted and probably being relaid as a part of the project. I do not they keep it dual gauge which I think it needs to be for port access and also around the Victorian BG network. Can someone please confirm.