Frasers Property and ESR acquire $400m property

The 254 Wellington Road site has received planning approval for 60,000 sqm of commercial space, a 752 sqm café/retail area and 2,497 car spaces. A community hub is also envisaged incorporating a gymnasium, restaurant and activated outdoor open space. The business park is expected to have an end value of A$400 million when completed2.

“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,” Anthony Maugeri, General Manager, Southern Region Commercial & Industrial, for Frasers Property Australia comments,

“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,” Phil Pearce, Chief Executive Officer at ESR Australia, said,

Nissan is excited to move into its new custom-built head office having spent over 40 years in its current facilities in Dandenong South.

“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,” Stephen Lester, Managing Director, Nissan Australia said.

Nissan Australia’s 11,000 sqm facility will be spread across five levels (including ground level) of the 8 level building and will comprise over 9,000 sqm office, 1,850 sqm workshop and 550 car bays.

The new building, situated on the corner of Wellington Road (60 metre frontage) and Peters Avenue will achieve a 5 Star Green Star Design & As Built v1 certified rating from the Green Building Council of Australia. Practical completion of the facility is due in May 2020.