Charter Hall Group has announced a joint venture partnership between its $14 billion flagship industrial and logistics fund, Charter Hall Prime Industrial Fund (CPIF), and Mitsubishi Estate Asia (MEA) to deliver a new 40,000-square metre state-of-the-art industrial and logistics estate in Melbourne.
CPIF was established in 2007, and is reportedly the largest Australian open-ended pure play industrial and logistics wholesale pooled fund with a portfolio valuation of around $12.77 billion.
Located in the city’s core inner-west area of Laverton North, the new development is the first stage of a broader $500 million estate with development potential of up to 175,000 square metres of lettable area.
Construction commenced in January 2026, with Texco appointed as the builder. Practical completion is slated for November 2026.
Situated on the corner of two major industrial arterials – Dohertys Road and Fitzgerald Road – four kilometres from the West Gate Freeway, the development boasts of good connectivity to major road infrastructure to the northern, western and south-eastern markets, as well as the Port of Melbourne.
“We are pleased to have established a new partnership with MEA, one of Japan’s largest real estate consortiums with a successful 10-year track record investing in Australia,” Charter Hall managing director and group CEO David Harrison says. “Through this partnership, we will deliver a brand new, state-of-the-art facility that strengthens our capacity to service significant tenant customer demand in a tightly held pocket of western Melbourne.”
The development consists of 40,000 square metres of warehouse space, with flexibility to be divided into two tenancies.
The building will host 37-metre hardstands, 6600 square metres of super awning and a combination of recessed and on-grade docks.
Market-leading sustainability initiatives include 400 kilowatts (kW) of solar, 80,000 litres of rainwater tanks for recycled water, and water and energy-efficient fixtures and fittings. The project is targeting a 5-star Green Star rating.
Apart from this new development, Charter Hall already has a presence in Laverton North with long-term leases to major tenants including Woolworths, Coles, ALDI and Australia Post.
In August last year, Charter Hall confirmed that group funds under management for its FY25 ending 30 June 2025 stood at $84.3 billion.
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