Goodman Group (ASX: GMG), a global leader in providing essential infrastructure for the digital economy, has acquired a 125-hectare industrial-zoned land parcel – along Riding Boundary Road, Truganina in Melbourne’s west.
The site is classified as “Urban Growth Zone” and offers easy connectivity to greater Melbourne. The location provides customers with access to 3.5 million people within a one-hour drivetime, with a combined purchasing power of $182.4 billion. It is approximately 36 minutes from Melbourne CBD, 29 minutes from Australia’s busiest port in Port Melbourne and just 25 minutes from Melbourne’s International Airport.
This latest acquisition forms part of Goodman’s global strategy to meet the increasing demand for strategically located logistics space with easy access to large consumer markets.
The site boasts 88 hectares of industrial developable land and benefits from extensive street frontage to the future Riding Boundary Road and what will become the Outer Metropolitan Ring Road, one of the most significant infrastructure projects in Victoria. Once developed, the site opens up opportunities for retail, e-commerce and third-party logistics customers wanting fast connections to roads, ports and airports.
Jason Little, General Manager Australia, Goodman Group said “Logistics and warehousing globally play a critical role in providing essential infrastructure for the growing digital economy, enabling efficient distribution to time-sensitive consumers.
This strategic acquisition in Melbourne’s west will help our customers who are seeking larger footprints and wanting to reach the highest levels of delivery demand. This area is a rich industrial and distribution destination with numerous benefits beyond its connectivity, including its high catchment of consumers and employment generation.”
City of Melton Mayor Cr Kathy Majdlik said “We’re extremely excited to have a global industrial developer like Goodman in our municipality. This investment will help create significant and diverse employment opportunities in the City of Melton and will mean more local families can find quality employment close to home. We’re proud of the outstanding business opportunities that exist in the City of Melton, including our prime location, and we look forward to seeing this industrial estate thriving in our municipality.”
Pierre Ghougassian, Director of Industrial Sales and Leasing at Cushman & Wakefield said “Melbourne is the largest industrial property market in Australia - at twice the size of Sydney. Melbourne’s West is the largest and most in-demand industrial precinct in the country due to the availability of accessible, flat, zoned and well-priced land with proximity to road, rail, port and air transport. This makes Melbourne’s West the epicentre of local and interstate freight and e-commerce. The vacancy rate in the West currently sits at 1.2% according to Cushman & Wakefield’s Research.”