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Frasers Property Australia has clinched more than AUD$275 million (S$276.46 million) worth of industrial and commercial projects in the past 12 months, boosting the value of its combined portfolio for both segments to about AUD$2.4 billion (S$2.41 billion).
Spanning 210,900 sq m, the majority of these new projects are located in Sydney and Melbourne, while the rest are situated in Adelaide and Brisbane.
At the same time, the Frasers Centrepoint subsidiary secured pre-leasing deals with several major companies like Toshiba, Fisher and Paykel, Australian Geographic and Miele.
“The past year has been a phenomenal success for the industrial and commercial business. Frasers Property’s ongoing release of land banks and integrated development model which offers a variety of property solutions has helped the business achieve these solid results,” said Reini Otter, the company’s Executive General Manager for commercial and industrial.
He also noted that in the past year, Australian asset prices have increased, particularly in the core logistics markets of Western Sydney, Melbourne’s West and South East markets as well as Brisbane’s Trade Coast and the Logan Motorway corridor.
“There has also been a shift towards consolidation for some major groups. Ceva in Melbourne’s West Park who committed to a new 75,000 sq m campus development is a perfect example.”
Moving forward, Otter expects more overseas retailers would expand in Australia such as H&M, leading to better demand for commercial space.
In the next 12 months, his company targets to deliver 280,000 sq m of commercial and industrial properties collectively valued at over AUD$400 million (S$402.13 million). It also plans to restock at its three main markets, namely Sydney, Melbourne and Brisbane.
“Frasers Property is currently working on several exciting environmental initiatives, one of which includes designing Australia’s first 6 star green star estate at The Horsley Drive Business Park in Western Sydney. This project is expected to set an industry benchmark for how industrial estates are developed from both an owner and an occupier’s perspective in terms of minimising total occupancy and running costs,” he added.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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