ESR Australia has entered into a joint venture with Frasers Property Australia to develop a A$400m (€245m) industrial park on the outskirts of Melbourne.

Phil Pearce, ESR Australia’s chief executive officer, told IPE Real Assets that the 50-50 joint venture had secured Nissan Motors as the anchor tenant for the first of five buildings to be developed progressively over coming years.

Once completed, the Nissan headquarters would be worth in excess of A$100m, he said.

“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 development in this sought-after location.”

Anthony Maugeri, Frasers Property Australia’s general manager, southern region commercial & industrial, said the partners had previously worked together on another project in the same street.

ESR Australia’s construction, arm, CIP, will undertake the development of the project.