Property developer CostaFox has received development approval for its $100 million warehouse unit project in West Footscray.
The 145-office and warehouse strata unit project will span 5.7 hectares in Melbourne’s inner-west suburb.
CostaFox managing director Michael Fox said the commercial project, on Indwe Street, aims to attract businesses looking for sites away from urban renewal areas such as Fishermans Bend, Cremorne, Brunswick and North Melbourne.
“The land in those areas is no longer affordable for small businesses. Our West Footscray warehouse work spaces are designed for owner occupiers looking to be close to the City and with plenty of surrounding amenity,” Fox said.
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The Melbourne-based developer, who purchased the site in September 2016 for $10.3 million from KSB Ajax Pumps, engaged architects Rothelowman to design warehouses that would look like townhouses.
“We wanted the warehouses to look like townhouses, not build a concrete jungle,” Fox said.
Costafox has typically been recognised for boutique residential developments. In diversifying its developments away from residential and towards commercial, Costafox has a variety of projects spanning high end residential, industrial and commercial projects.
The company recently purchased a site in Cremorne for $12 million to develop a 6000-square-metre office building.
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West Footscray is an emerging suburb, at eight kilometers from Melbourne’s CBD, Domain figures show the suburb’s median house price sits around $845,000.
There are hundreds of new apartments under construction in the area, “and the idea is for people to be able to work and live in the same area,” Fox said.