Buyers have snapped up all available commercial workspaces in the mixed-use development Esplanade, creating a local sales record for Norwest Business Park in the process.
Marketed by PRDnationwide Norwest for development manager Capital Corporation, the 36 boutique workspaces in Esplanade have been sold for between $6200/sqm and $7500/sqm – averaging $6900/sqm – well above Norwest’s average of commercial rates of typically between $4500/sqm to $5600/sqm.
Esplanade proposes a diverse mix of 267 apartments across two residential towers 19 and 20 storeys in height with a host of resident-only facilities, three levels of boutique workspaces, waterfront dining and retail areas set on a significantly upgraded public boardwalk along Norwest Lake and about 400 metres from the Norwest station under construction as part of the Sydney Metro Northwest line.
Commercial buyers at Esplanade have been a mix of local professionals such as accountants, real estate agents and doctors, as well as investors.
Capital Corporation Managing Director Steve Grant is considered a pioneer of the Norwest Business Park, having delivered a $700M portfolio of 45 buildings in the area, and accommodated the workspace needs of more than 580 businesses, since 1990.
“We’re breaking sales records for Norwest only because Esplanade is offering businesses what they want: great location, integrated development with residential apartments and a dining precinct, as well as boutique workspaces,” he said.
“Businesses and investors obviously see the future value of the Sydney Metro Northwest railway line and the transformation of Norwest from a business park into a vibrant urban hub which has been kick started by Esplanade that brings the livework-recreation combination together so thoroughly.”
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The creative and urban workspaces at Esplanade can be designed to include exposed ceilings, polished concrete floors and outdoor rooms suitable for meetings or social work gatherings. Other features include communal meeting rooms and breakout areas.
The integration of high quality residential and boutique workspaces – coupled with lifestyle-driven elements such as waterfront dining – not only gives Esplanade a life after hours, it also brings a village feel to the workday that suits the business environment in Norwest.
PRDnationwide Norwest Director David Inkster said the majority of buyers were from the local market that recognised that Esplanade’s workspaces were a unique offering in a premium building with services and amenities not yet available in Norwest.
“There’s a social element to doing business in Norwest when the most productive meetings are often over a coffee or meal, making Esplanade - with its casual and formal dining options - the ideal workplace setting,” he said.
“And there really isn’t any other specifically-designed commercial workspaces in Norwest that come with a wintergarden overlooking the lake within a short walk to the station,” Mr Inkster said.
Excluding Council Chambers, there have been no new commercial buildings completed in Norwest since 2012. Esplanade is due for completion in 2019.
