1001 Nepean Highway, Moorabbin #1

Project Outcome

  • Delivered overarching strategic objective to extensively regenerate the asset with over $8.0 million in capital upgrades undertaken over a 1.5-year period.
  • Building 80% leased prior to completion of works with a pre-committing tenant (SP Alliance) totalling 3,083sqm secured prior to exchange.
  • Property was awarded national “Runner-Up” in the Urban Developer “Development of the Year – Urban Regeneration”.

Summary

  • StatusComplete
  • SectorOffice
  • Co-InvestorWingate Property Finance
  • Debt FundingWestpac Banking Corporation
  • Acquisition DateDecember 2019
  • Building Size5,948sqm
  • Land Area3,945sqm
  • ZoningActivity Centre
  • Acquisition StrategyFull regeneration and re-lease

Key project features:

  • Prominent, high exposure, 5 level office building offering large, flexible and efficient floorplates with views to the bay.
  • Strategically located site with a substantial land holding of 3,945sqm in the Moorabbin Activity Centre close to Moorabbin Train Station and retail core.
  • Strategy to extensively regenerate the asset via capital upgrades (aesthetic and base building services) to achieve a PCA A-Grade standard of offering and a 4.5 Star NABERS energy rating.
  • Significant future development opportunities due to the site zoning, land area and proximity to train station.

Key performance criteria and capital works:

  • PCA Rating: A-Grade standard.
  • NABERS: 4.5 Star NABERS Energy Rating.
  • Occupancy Density: Designed to enable 1 person per 8sqm.
  • A new office façade: Façade replacement fronting Nepean Highway including a Low-E, double glazed curtain wall system which increased natural light to the floorplate by an estimated 45% – vastly enhanced the building aesthetics / thermal / acoustics.
  • The office entry lobby stripped and upgraded.
  • A new state-of-the art End-of-Trip Facility.
  • Amenities: Newly constructed internal bathroom amenities including DDA compliance and 1:8 density ratios.
  • Mechanical System: new Dakin mechanical system delivering latest technology in occupant comfort and PCA A-Grade zoning. All linked back to a new building management system.
  • Passenger Lifts: New high speed enlarged (and DDA compliant) Schindler lifts.
  • Electrical / Fibre / Security / Fire: base building services fully stripped and replaced to ensure occupants back of house infrastructure needs are fully met. This includes replacing electrical switchboards and meters, fibre throughout the building, new CCTV security and tenancy access control system, new fire detection system, and new LED lighting (including occupancy and daylight sensor systems) to PCA A-Grade standards.
  • Retail Conversion: External canopy completely replaced with architectural canopy and internal spaces completely demolished and re-built into walk-up office and retail space. Walk-up space is in high demand within the Activity Centre.
  • External Upgrades: significant external soft and hard landscaping upgrades.

Capital Works: