13/02/2008 - 22:00

Approval for office, residential plan

13/02/2008 - 22:00

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Macquarie Bank Ltd has received approval to build a $100 million office park in East Victoria Park, which will include some residential development.

Approval for office, residential plan

Macquarie Bank Ltd has received approval to build a $100 million office park in East Victoria Park, which will include some residential development.

The office component of the project, called Genesis Business Park, will cover part of a 1.6-hectare site on the corner of Shepperton Road, Welshpool Road and Albany Highway.

It will contain 18,000 square metres of office space in three separate buildings, with two buildings of 5,000sqm and one of 8,000sqm.

Each of the 5,000sqm buildings will have a floor print of 1,000sqm, while in the larger building the floor print will be double that figure.

The development, which is targeting a four-star green star rating, will include 418 car bays and a cafe.

The remainder of the site will contain 36 residential apartments across two buildings.

Sheffield Capital’s Digby Sutherland, who is project leasing coordinator for the office park, said the two smaller buildings would most likely meet demand from local businesses.

“We see this as being attractive to the local market, particularly to smaller tenants in the south-east corridor from the Perth Airport to Welshpool,” he said.

“You can also subdivide floors easily, down to about 200sqm.”

The larger 8,000sqm building is expected to draw a single tenant.

“We hope to maybe pull a tenant from the CBD – maybe a state government agency or a larger engineering firm,” Mr Sutherland said.

A rental price is yet to be released to the market, although the space would be expected to achieve $350 to $400/sqm based on prices in the area.

The development will be staged, with construction of the first 5,000sqm building and some car parking to commence immediately.

Macquarie Real Estate state manager Tim Jones said the first stage of the development was expected to be pre-leased or sold before completion, which is scheduled for late 2009.

Mr Jones said the project would meet demand for office space at a significantly lower price than that available in the Perth CBD and West Perth.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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