16/03/2010 - 12:10

Georgiou plans Nedlands development

16/03/2010 - 12:10

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In a move demonstrating confidence in Western Australia's commercial property sector, Georgiou Capital will commence construction on a Nedlands office development without pre-sales or tenant commitments.

Georgiou plans Nedlands development
Hampden Park has been designed to provide CBD standards in a suburban location

In a move demonstrating confidence in Western Australia's commercial property sector, Georgiou Capital will commence construction on a Nedlands office development without pre-sales or tenant commitments.

The development, known as Hampden Park and designed by architects HBO+EMTB, is located on the Corner of Hampden Road and Monash Avenue, opposite the QEII Medical centre in Nedlands.

The $10 million, three-storey building will comprise 1,200 square meters of office area and 370sqm of ground floor retail space and is scheduled for completion in early 2012.

Westcape Property Group development manager Greg Hancock says the commitment was an example of increased confidence in the commercial property sector.

"For the developers to commit to and begin construction on a $10 million development without prior sales or leasing arrangements demonstrates a confidence in the market that has not been evident for the last couple of years," Mr Hancock said.

"The combination of an enviable location, modern design, sustainability initiatives, a functional floor plate and excellent staff amenities will ensure that interest in the development is high, meaning that we can progress with confidence.

Leasing and sales for the project will be coordinated by Sheffield Capital.

Sheffield Capital managing director Digby Sutherland said: "the proximity of Hampden Park to Perth's major medical and education precincts was a key driver in the developer's decision to commence construction.

"Over 6,000 people work at the Sir Charles Gairdner Hospital, and several thousand more at Hollywood Hospital.

"The QEII Medical Campus is the proposed site for the relocated children's hospital, along with other significant medical facilities which will bring even greater activity to the precinct.

"Add in the extensive education and administration buildings of UWA, the thriving Hampden Road retail strip and access to public transport, and it's not difficult to see why Hampden Park will be in demand and the Nedlands office precinct in general will emerge as a key suburban office market in the future."

Hampden Park will be built by Georgiou Building, a subsidiary of Georgiou Capital, which has also recently been awarded the building contract for a 3,800sqm Subiaco development by boutique developer Qube Property.

Georgiou Capital and Westcape Property Group are both subsidiaries of Perth-based national civil engineering, building and construction and project management group Georgiou Group.

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