Developer CostaFox has been licensed to develop a 143-item warehouse and warehouse-based concession project in West Footscray, in the inner west of Melbourne.
The project is worth A$100 million and is expected to start in the fourth quarter of this year. The project site is located in Indwe Street, an area of 5.7 hectares. CostaFox spent $ 10.3 million in 2016 to buy it.
Costa Fox general manager Michael Fox said that the project aims to attract companies that are planning to relocate from the urban renewal areas of Fishermans Bend, Cremorne, Brunswick and North Melbourne.
Mr. Fox said: “For small businesses, the land in those areas is too expensive. Our warehouse office space in West Footscray is for those who want to live in the vicinity of the city, but also hope that the surrounding facilities are convenient enough for the owner to live in. Tailored by the owner."
Today, the domestic positioning of the construction industry is gradually changing from residential buildings to commercial buildings. This project is one example. Earlier this month, the Australian Performance of Construction Index, jointly issued by the Australian Industry Group and the Housing Industry Association, showed that in the March of this year, the commercial construction sector has grown. The speed has reached the highest level in more than a year.
The Master Builders Australia said in February that with the support of new retail projects, commercial buildings will also achieve leapfrog growth this year. This not only offsets the downturn in the residential and engineering sectors, but also is a three-year construction activity. The overall downward trend ended.
Although the market's demand for residential projects has weakened, CostaFox has hired the architectural firm Rothelowman to design the warehouse in the project, and the appearance of the warehouse will be similar to that of West Footscray's townhouses. Mr. Fox said: "At present, there are hundreds of apartments under construction. Our aim is to make people's workplaces and residences in the same area."
Recently, CostaFox spent 12 million Australian dollars to buy a site in Cremorne to build an office building with an area of 6,000 square meters.
Paul Little, a developer on the Rich List, was Mr. Fox’s former business partner. Last week, he obtained permission to build a new 30-story hotel project in Melbourne’s Flinders Street. The project’s permit was modified and he’s been It also plans to build an apartment building at 9-27 Downie Street.
The apartment market has gradually cooled and more than a quarter of the apartments in developer Fragrance's "Beyonce" project have not yet been sold. In 2015, the government suddenly made adjustments to the planning rules for building density. Since then, Melbourne’s central business district has seen a trend of gradually deviating from residential projects. Now that this trend is becoming more apparent, developers have to make new plans for your own venue.
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