Melbourne Conglomerate Secures Prime Site For Lifestyle Office Development

The privately-owned steel and construction conglomerate, Alfasi Group, has purchased a prime development site in Richmond's thriving Church Street precinct.

The Urban Developer can exclusively report that the 3,037 square metre property was purchased from a private vendor in an off-market transaction.

Alfasi Group, known for their extensive interests in equipment hire, steel fabrication and construction, has recently geared up their property team to target commercial opportunities on the eastern seaboard of Australia.

The proposed concept will comprise a 20,000 square metre stepped office building that is targeted at creative industries, technology and lifestyle tenants.

"We were compelled to secure the opportunity in the much desired Church Street precinct on the back of a lack of quality office space targeting premium lifestyle tenants," said Alfasi Property Development Manager, Laurence Peck.

"When you look at the existing precinct, its tenants and the quality of the amenity that is within walking distance, it was pretty clear that this incredible site was worth pursuing."The scheme draws upon the property's three street frontage and extensive northern facade by creating a terraced series of penthouse tenancies.

According to Savills Australia's Melbourne Fringe Office Report, the Melbourne Fringe market recorded $1.32 billion of transactions over $2 million in the 12 months to September 2016.

It is understood that the developers will be chasing net rents of approximately $500 per square metre.

The Alfasi Group employs over 300 people across Australia, Hong Kong, Macau, China, South Korea, Thailand, Vietnam and Dubai.

Previous projects undertaken include The Age Headquarters, Southern Star Observation Wheel, Melbourne Cricket Ground and the West Kowloon Terminus in Hong Kong.