Axiom & Coffey bring WorldPark to Melbourne

AXIOM Properties and Coffey International have unveiled plans to build a new $180 million green business precinct in Hawthorn in Melbourne's inner east.

This is the second Australian “WorldPark” green business precinct with the first development in Adelaide announced by the partners in March this year.

Axiom’s managing director Ben Laurance said the philosophies of office environments are changing and evolving, which has led to the signing of this second development agreement in Melbourne.

“We are extremely enthusiastic about the concept and what it stands for, particularly in terms of the substantial environmental design initiatives we are currently achieving in Adelaide, which Axiom and Coffey intend to roll out in Melbourne and other states.” Laurance continued.

Under the terms of the Development Agreement, Coffey International will anchor the first of three buildings with a commitment to occupy 12,000 sqm for an initial term of 15 years.

The total development is expected to comprise 25,000 – 30,000 sqm of campus-style “green” office accommodation, with an estimated end value of $180 million.

Coffey International’s executive director Glen Simpson said the concept of Coffey Worldpark is ground breaking and creates the benchmark for the future of environmentally sustainable business precincts.

“This has resulted in great interest from the business community to develop similar precincts in other capital cities. Together with Axiom, we were fortunate to quickly identify and acquire a Melbourne site that supports the Coffey Worldpark vision.

“It will be environmentally friendly, people friendly, nature friendly and space friendly, and will be carefully designed using the latest in green building technology,” he added.

The planned site for the Melbourne WorldPark project is on Toorak Rd in Hawthorn East. The site shares similar attributes to the Adelaide site, being within close proximity to the CBD and with excellent public transport and profile.

Simpson said WorldPark Melbourne will accommodate Coffey’s expanding specialist teams and will become the home of the Melbourne offices of the Coffey companies, including Coffey Environments, Coffey Geotechnics, Coffey Mining, Coffey Projects and Coffey Natural Systems.

The development will be staged over the next three years.

Construction is expected to commence by November 2008, following a consultative and extensive planning process.

The purchase of the land for $32 million was facilitated by Axiom’s major shareholder, Pivot Group Ltd from Leighton Properties Ltd.

The sale of the land was negotiated off-market by James Kaufman from Jones Lang LaSalle, with settlement on the land not expected to occur until mid 2008.

Australian Property Journal