Dexus doubles up with approval for a substantial commercial development
It's been an eventful few weeks for Sydney-based DEXUS Property Group in its Melbourne sphere of operations. Whilst a number of big ticket items have grabbed the headlines, the real estate group has managed to secure all but final approval for one of suburban Melbourne's largest commercial developments.
City of Monash have green lighted DEXUS's plans to greatly expand their Axxess Corporate Park within Mount Waverley.
Lodged with Council during 2015, DEXUS proposed dual office buildings and an associated multi deck car park at 11-21 Gilby Road, Mount Waverley. Designed by Gray Puksand, the development would carry a development cost of $61 million and encompass a commercial NLA of 19,950sqm.
This would position the development as one of suburban Melbourne's largest pending commercial developments.
Supplementing the commercial space is 1,260sqm of retail space, communal landscaped amenities and a massive 1,009 car parking spaces. Currently listed as Planning Permit to Issue, final approval looks to be a formality.
It was reported over the weekend that DEXUS Property Group has sold the Southgate Complex for $578 million. This still leaves the outfit with a strong asset sheet across inner Melbourne, including properties such as 8 Nicholson Street, 180 Lonsdale Street within QV and 360 Collins Street.
Listed on the Urban.com.au Project Database are two substantial commercial developments under the DEXUS banner with approval, and which have yet to be acted upon. 385 Bourke Street is a Grimshaw Architects-designed expansion seeing additional commercial NLA of 24,000sqm added whilst Flinders Gate at 172 Flinders Street is subject to a scheme with an additional 20,000sqm in play.
Approval for Gilby Road follows on from the July approval for DEXUS' sole residential project in Melbourne located at 32-44 Flinders Street.
After the best part of two years at planning, the project has finally been given the green light to replace a 539 bay car park built over 10 levels. Constructed during 1998, the car park structure is now prime land which holds more value as a development asset.
SJB Architects have designed the project to contain near on 500 dwellings over two buildings.
With the Flinders Street car park asset now repositioned, DEXUS Property Group will choose between developing or onselling the site with a permit in place.
