Knight Frank’s Asset Management Services (AMS) team in Victoria has been appointed to manage the Somerton Business Park in Melbourne’s north on behalf of Aware Real Estate, which recently acquired the significant site form Austrak and GPT.

The Somerton Business Park, a land holding of approximately 99 hectares, is situated at the corner of the Hume Highway and Somerton Road, around 20 kilometres from Melbourne’s CBD.

It is being developed as a Multi-Modal Freight Terminal (Inland Port) with interface facilities for road and rail, and rapid access to Essendon and Tullamarine Airports, the latter of which is just 10 kilometres southwest of the business park. 

The Somerton Business Park currently consists of a mix of existing buildings and development land and a ground lease to the Intermodal Terminal Company. Its improvements also comprise six modern warehouse and logistics facilities totalling 193,700sq m, leased to major national operators including Linfox, Coles, Kraft, Boral, Labelmakers Group, Lawson Port Logistics and IMCD Australia.

Aware Real Estate will continue to develop the site over time, with an additional 180,000sqm of modern sustainable logistic buildings, The Intermodal terminal will be completed in 2025 with capacity for over 1 million container movements per annum. It will be the first time rail freight users will be able to be co-located at a terminal in Melbourne with direct links to the Port and interstate rail.

Industrial specialists within Knight Frank’s Victorian AMS team will manage the Somerton Business Park, including Jeanette Ward, who was recently appointed to the role of Director within the AMS business.

Knight Frank’s Head of AMS Victoria Ben Veale said: “We are incredibly excited to be appointed to manage such a unique business park of this scale and sophistication,” 

“Being recognised by Aware Real Estate as the best placed agency to partner with them as they deliver their strategy across the site is testament to our growing Victorian business and capability across the industrial logistics sector.”

Knight Frank’s National Head of AMS Lisa Atkins said: “Just like our valued national client Aware Real Estate, Knight Frank also truly believe in a better tomorrow, and we are very proud of our recent appointment to manage this prime intermodal logistics precinct which will facilitate the future growth of Melbourne.”

Aware Real Estate Head of Asset Management Gareth Sneade said: “Knight Frank and Aware Real Estate have a history of delivering exceptional real estate outcomes. We are looking forward to developing this track record further with the Somerton Business Park. Along with Barings Real Estate we will partner with Knight Frank to create a new identity for the estate and deliver on the strong underlying potential of the site both from a location and infrastructure point of view.”

Mr Veale said Knight Frank’s appointment to manage the Somerton Business Park built on the firm’s diverse AMS business and further strengthened its industrial and logistics capability, with full oversight of property and facilities management and accounting services.

“Knight Frank’s AMS team has the best people and platforms in Australia, and we have substantial momentum in Victoria,” he said.

“We are committed to deploy the best management talent aligned to the industrial sector and Aware Real Estate’s values.”

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