Salta properties has topped out a six-storey commercial office building—the latest addition to its $1-billion, 12ha Nexus Corporate park 20km south-east of downtown Melbourne.
The latest of a total of 10 buildings in Springvale Road, Mulgrave will provide 8600sq m in a state-of-the-art office building with an end value of about $60 million. The average floor plates will be 1530 square metres.
“The completion of 633 Springvale Road will come at a time when most developers and landlords are retreating from investing in new commercial office developments,” Salta Properties managing director Sam Tarascio said during a traditional olive tree ceremony on the rooftop of the building.
“We see this as an opportunity to be providing high quality commercial space to the market at a time when new stock levels hitting the market will be significantly reduced.”
The topping out further cements Nexus Corporate’s place as the biggest office park in suburban Melbourne. The new building will take the total office space in the park to 75,000sq m, although future plans allow for up to 120,000 square metres.
Designed by Gray Puksand and built by construction partner Hickory, the latest building will include expansive green spaces—centred on a plaza—with paved areas, barbecues, showers and bathroom facilities.
Nexus Corporate, launched in 2005, also provides childcare facilities, health and wellness programs, a variety of cafes, as well as a 1.4km running track, and rooftop tennis and basketball courts.
Colliers, which is the leasing agent for the development, said workplaces had evolved rapidly in the past three years, fast-tracked by the global pandemic.
“There is a clear flight to quality trend occurring in the market as tenants look to upgrade the quality of their office to attract and retain the best talent,” Colliers Ash Dean said.
“In addition to prioritising quality, businesses are now placing a strong emphasis on providing an amenity-rich environment for their staff.”
Salta Properties has commercial office developments either under construction or in planning in South Melbourne, Richmond, Cremorne and Collingwood.
“We remain confident in the long-term fundamentals of the sector given our recent success in fully leasing a net lettable area of 18,000sq m at our recently completed Industry Lanes development in Church Street, Richmond,” Tarascio said.
In March this year Salta Properties won approval for a 473-apartment build-to-rent development on the Yarra riverfront on Melbourne’s fringe.
Yarra City Council’s planning decisions committee gave the go-ahead for the six buildings, which will rise up to eight storeys on vacant land in Richmond, just 4km east of the city centre.
