Zorzi Select, the Zorzi Group’s new boutique-focused subsidiary, will undertake its maiden project with the refurbishment of the three-storey former Westpac offices on the corner of Rockeby and Hamersley roads in Subiaco.
Zorzi Select, the Zorzi Group’s new boutique-focused subsidiary, will undertake its maiden project with the refurbishment of the three-storey former Westpac offices on the corner of Rockeby and Hamersley roads in Subiaco.
The refurbished building will be home to the Zorzi Group’s new offices, eight residential apartments, and some office space for lease.
Established in 1957, the Zorzi Group includes Zorzi Builders, Grandwood Homes and Zorcon Construction.
According to business development manager Adam Zorzi, Zorzi Select was established in 2003 to cater for boutique multi-residential developments.
“Our core business is to build individual homes and we didn’t want the market to think that we were moving away from that,” Mr Zorzi said.
Zorzi Select considered demolishing the building but chose to refurbish the existing structure instead.
According to Mr Zorzi, the building was “built like Fort Knox” and would have been very costly to demolish.
Two floors of office space will be created, with the Zorzi Group occupying the first floor and an affiliate group on a portion of the second, leaving 1,080 square meters of space to be leased.
NSC Corporate associate director Warren Wright said the refurbishment would be completed by the end of January 2005 and, when complete, the office space would be A grade.
Mr Wright said while some interest had been expressed in the offices, he acknowledged it was difficult for people to fully appreciate such a space until it was completed.
“We are looking for a tenant to take the whole space, or we could subdivide it into approximately 700 and 300 square metre spaces, but would need to get a tenant for the larger space before we did that,” he said.
“The space is unique in that part of Subiaco, as most offices of that size and quality are in Subi Centro.”
Mr Wright acknowledged that activity in the Subiaco office leasing market had fallen in the past 18 months, but was confident that a tenant would be found.
On the third floor, accessible by separate entrance to the office space, are eight ‘Rockeby Views’ residential apartments.
Mr Zorzi said the apartments were the first in “old Subiaco” to offer city views.
“The penthouses are deliberately spacious with large balconies – it’s the first time Subiaco has been able to offer the benefits of inner-city living and also compete in the property market with views,” he said.
“Balcony size is almost as large as apartment size, with the bigger ones being 150 square metres with a 130 square metre balcony.”
Dempsey Real Estate selling agent Marc Drexel said the apartments were priced between $795,000 and $920,000.
