Leading Melbourne developer, Salta Properties, has acquired two commercial sites adjacent to its business park, Nexus Corporate, in Mulgrave to expand the precinct and boost its end value to over $500m once fully developed.
The two sites located at 633 to 647 Springvale Road and 54 Dunlop Road, Mulgrave are 2.4 hectares. The total land size at Nexus Corporate including the new sites will be more than 11.8 hectares. On completion, Nexus Corporate will offer in excess of 100,000sqm of premium office space, which makes it the largest suburban office park in Victoria.
Salta Properties’ Managing Director, Sam Tarascio, said the land purchase complements Salta’s long-term strategy for the site, which began development ten years ago.
“The recent acquisition highlights our confidence in Nexus Corporate’s unrivalled location. Positioned only 20 kilometres from the city and close to major arterial roads, we anticipate the business park will continue to attract strong interest.
“Our future plans for Nexus Corporate will service anticipated population and employment growth in an area earmarked by the Metropolitan Planning Authority as the Monash National Employment Cluster.
“Current and future Nexus Corporate tenants will also reap the benefits of VicRoads’ proposed Westall Road Extension, which will enhance connectivity to nearby arterials and regional areas,” said Mr Tarascio.
The most recent multinational to commit at Nexus Corporate Park is leading international barcode distributer, GS1, which signed a landmark 12-year deal with Salta Properties. GS1 is expected to move in later this year and joins current tenants at Nexus Corporate including Carlisle Homes, BMW, Adidas and Renault.
Rob Joyes, National Director of Investment Sales and Office Leasing at Colliers International managed the acquisition of the two sites and explained that developers offering tailored office solutions such as Salta at Nexus Corporate are responsible for increasing occupancy rates in the southeast.
“The southeast continues to present itself as one of Melbourne’s most sought after commercial locations with a 89% occupancy rate in September 2014 increasing to 92% recently. Office parks like Nexus Corporate are leveraging location and the quality of their amenities to attract investors and businesses,” said Mr Joyes.