A joint venture between Dexus and Boral has received state approval for Australia’s largest privately owned industrial precinct, a $14.9 billion project on Melbourne’s western fringe. The development covers 630 hectares of greenfield land and a repurposed concrete production site near Ravenhall, located 10 kilometers west of the Melbourne CBD and adjacent to Caroline Springs station.
It will span up to 2.5 million square meters of net lettable space, delivered in superlots over 10 to 15 years, and create 31,000 jobs. The precinct will be bounded by Hopkins, Christie, and Riding Boundary roads, as well as the Ballarat railway line. Boral will provide the land, while Dexus will oversee the development, including road upgrades funded in partnership with the state’s Department of Transport.
The approval follows a tailored planning process, part of the state’s broader effort to accelerate industrial development. This approach mirrors another project by Pelligra at Truganina, which is also advancing under the new model. Both initiatives will work with the government to expedite infrastructure improvements, including upgrades to major arterial roads.
Dexus has separately secured approval for a neighboring 72.5-hectare industrial precinct across the road from a maximum-security women’s prison. On October 22, the state finalized draft amendments to rezone three lots, 100, 106, and 220 Riding Boundary Road, from farmland to industrial use. The three-lot site sits adjacent to Dexus’ Horizon 3023 estate, which is nearly fully leased and anchored by tenants such as Amazon, Nike, and rural supplier Elders. That estate lies northwest of the newly rezoned land, just behind Caroline Springs station, with the Western Freeway accessible in a four-minute drive.
The new development will combine greenfield land with existing industrial sites. One property, last sold in 2013 for $60,000, remains on the 48-hectare lot at 106 Riding Boundary Road, while the other two sites are undeveloped. Dexus CEO Ross Du Vernet called the project an example of a “proponent-led approach to planning,” where developers and government collaborate closely to shape outcomes and reduce delays. Sonya Kilkenny, the state’s planning minister, confirmed the two precincts would serve as a pilot for this model, giving developers a more active role in planning and cutting approval times.