Commercial development on the rise in the south east
To be more specific, Mulgrave in Melbourne's South East is experiencing somewhat of a commercial office space surge with a handful of projects currently under construction. With well established credentials as home to in excess of 300,000sqm of office space, Mulgrave and to a lesser extent adjoining Mount Waverley continue to expand at pace.
Largest of the current crop is Australand and Commercial & Industrial Property's 211 Wellington Road in Mulgrave which is well into construction of its first phase. A five star NABERS rated, seven-level office building valued at $62.6 million is under development alongside a multi-level 650 bay car park.
With a lettable area of 12,718sqm, the under construction office building covers a fraction of the 10,930sqm development site which is expected to see additional commercial buildings delivered in due course. Monash University have elected to take 7,825sqm within the initial office building that has an expected completion date of early 2016.
In addition, last week's AFR reported that Mazda Australia will commit to its new Australian headquarters at the facility. Covering 6710sqm, the development is also seen above and represents the next phase of 211 Wellington Road which may yield in excess of 40,000sqm of lettable space upon completion.
Nearby and construction has begun on 545 Blackburn Road, the follow-up to Fortune Building's initial 549 Blackburn Road office project which is now headquarters to business solutions company, Pentana Solutions.
The new accommodation, seen above, will hold 7,400sqm of commercial office space above a basement catering for in excess of 330 vehicles. As has become the norm with many commercial developments citywide, end of trip facilities have been designed into the building, as has been a ground level cafe and rooftop recreation area.
Rounding out the trio of current builds is Salta Properties ever expanding Nexus Corporate development. The recently completed nine level car park/office structure has been replaced by another build, namely a new corporate office complex at the north east corner of the development site.
The 4.5-star NABERS rated building under construction will not be the last for Nexus Corporate either with Salta holding the adjoining 2-22 McDonalds Lane. With a site are aof approximately 15,000sqm, the development plan shows the potential for 14 separate buildings within the precinct, as opposed to the six currently completed.
The redevelopment of the remaining plots is a long term prospect, given the existing buildings are leased.
