MELBOURNE: Joint venture partners, Frasers Property Australia and ESR Australia have completed the acquisition of a 4.67 hectare site at 254 Wellington Road, Mulgrave and secured Nissan Motor Co. Australia Pty Ltd (Nissan) as the anchor tenant.
The business park is expected to have an end value of A$400 million when completed. [the_ad id=”31605″]Anthony Maugeri, General Manager, Southern Region Commercial & Industrial, for Frasers Property Australia comments, “Frasers Property, in joint venture with ESR, previously developed 211 Wellington Road with a strong track record in attracting major corporates to the area. The new acquisition is strategically positioned to offer superb amenities in a location that is well connected to the centre of Melbourne.
“Nissan’s new head office will be located within Monash’s National Employment and Innovation Cluster (NEIC), Melbourne’s largest concentration of employment outside the CBD. We plan to develop a state-of the-art business park and are eager to deliver industry-leading amenity on the site to assist in attracting large commercial occupiers.”
Phil Pearce, Chief Executive Officer at ESR Australia, said, “This is an exciting project for ESR and Frasers Property as we commence a large-scale business park development in Melbourne’s south-east. We are seeing Mulgrave emerge as a growing suburban commercial office market. Securing a high-quality customer such as Nissan as our first tenant further supports the strategy of investing in and developing market-leading real estate and underlines the favourable outlook for the development in this sought-after location.”
Nissan is excited to move into its new custom-built head office having spent over 40 years in its current facilities in Dandenong South. Nissan Australia’s Managing Director Stephen Lester, comments, “Our current office was officially opened in June 1977, so over the 40 plus years that we have based ourselves here it has served us well, but we have grown as a business since then.
“The new Nissan head office will not only be the national headquarters for the greater Nissan business, but also for our finance arm Nissan Financial Services Australia, our technical trainers and the Victorian state office.”
Mr Lester added, “Enjoying the state-of-the-art facilities that come with a new office will take our business to new heights helping us to better service all of our stakeholders, particularly current and future Nissan owners.”
The joint venture is a 50:50 split between Frasers Property and ESR. Frasers Property secured the 245 Wellington Road site, while ESR will undertake the development. Nissan Australia’s building is anticipated to be completed by May 2020 while the entire development is forecast for completion by late 2025.