Tipalea unveils $90 million Alexandria commercial project
Property development and investment group Tipalea Partners is soon to unveil a new $90 million office project at 29 Bourke Road in Alexandria, South Sydney.
Designed by architects Cottee Parker JPRA, the project will provide a combined total of 9300 square metres of retail and commercial space over two four-level towers connected by a ground floor lobby. Floorplates offer a flexible design to accommodate large users with whole buildings of 3700 and 5600 square metres. The buildings can be subdivided to suit smaller user requirements with partial and whole floors of 300 to 2500 square metres being possible.
Future stages of the precinct owned by Tipalea could accommodate up to 24,000 square metres of additional commercial space.
29 Bourke Road is located just 450 metres from Green Square train station and the $1.7 billion Green Square Town Centre – Australia’s largest urban renewal project. Upon completion, Green Square is anticipated to be the most densely populated region of Australia.
“The drive has been to create a commercial development that reflects the edgy urban surrounds of Green Square and Alexandria and provide a boutique-style, yet corporate, environment,” says Scott Spanton, chief executive officer of Tipalea Partners.
“Green Square is really taking shape and is now perceived as a viable corporate location with good public transport links, excellent amenity and unparalleled access to the CBD for a fringe suburb,” he says.
600 square metres of retail space will be located across the ground floor joining the two buildings, with four levels of commercial space above. Parking for over 100 cars will be provided in the basement along with high-quality end-of-trip facilities including 100 bike racks, 100 lockers and 10 showers and change rooms.
Designed to embrace ESD principles, 29 Bourke Road is targeting a 5-star NABERS rating and has adopted an innovative approach to energy using state-of-the-art solar techniques.
“We are seeing energy security and costs becoming more significant issues to businesses looking to the future. Guided by this we have included a complete solar array on the roof and an embedded electrical network that will dramatically reduce energy costs for occupants by up to 50 percent,” Spanton says.
The solar network will generate around 20 percent of all tenant electricity usage at almost no cost and these savings will be passed on in full to the tenants and owners. According to Tipalea, when combined with the embedded network, tenants should be looking at electrical cost savings of 20 to 50 per cent.
“Alexandria hasn’t seen anything like 29 Bourke Road before. We are providing CBD style office space at 60 percent of the rental cost. Compelling features include soaring ceiling heights on the ground floor, extensive end-of-trip facilities, substantial communal breakout areas, large landscaped terraces on the top floor with views to the CBD and park views offered by most floors,” Spanton says.
Ian Poole of Cottee Parker JPRA says, “A signature element of the design is the expansive ground floor lobby, with a striking 15-metre high glass atrium flooding the entrance with natural light and connecting the two buildings. A sweeping staircase winds upwards with aerial bridges providing access to the upper levels.
“Edgy industrial design elements pay homage to the site’s heritage with exposed tubular steel trusses to the roof. Similarly, office interiors continue this theme with exposed ductwork and suspended linear lighting to ceilings,” he says.
Outdoor space has driven the design, with offices on the top-level opening onto private curvilinear terraces with outdoor furnishings and landscaping. On the ground level, generously-sized triangular paved courtyards and timber decks provide communal outdoor spaces for all tenants.
If possible in the future it is intended to link the southern courtyard with Perry Park via a pedestrian bridge and pathway.
Michael Crombie, national director of Property Sales and Leasing at Colliers International, will run the sales and leasing campaign for the Alexandria project.
“This is a unique and diverse opportunity, with B6 zoning it allows for a range of uses including commercial, medical, hotel and retail,” says Crombie. “This will be critical for the area, as buildings start to convert from industrial buildings to commercial usage.
“Green Square presents a real alternative to Surry Hills and the Sydney CBD at significantly lower occupancy costs whilst providing better amenity than nearby Mascot,” he says.
29 Bourke Road will offer office and retail space for sale or lease with office space available to buy from $8500 per square metre whilst rental rates start from $590 per square metre gross.
According to Colliers International research, demand to regenerate sites through mixed-use developments like Green Square Town Centre is increasing.
“The diversity of the Alexandria precinct is unique, relative to all other industrial sub-markets in South Sydney,” says Colliers International research manager, Sass J-Baleh.
“The assortment of uses, encompassing retail, hotel, commercial, industrial and residential is expected to continue into the future as more sites are identified and realised for opportunities for higher and better use.
“It is anticipated that greater sites in these precincts will be pushed in the direction towards new and adaptive re-use commercial buildings to maximise FSRs and align with the NSW state objectives.”
Tipalea anticipates construction will start in mid 2019 with completion in late 2020.
Tipalea also recently acquired the adjoining four-unit industrial estate at 23 Bourke Road in Alexandria for $24.5 million. Prominently located on the corner of Bowden Street in Alexandria, the estate comprises 5133 square metres of office/warehouse space on a site of 6175 square metres.
Tipalea will refurbish the estate and deliver eight boutique hybrid retail-warehouse-offices, with flexible spaces available from 130 to 2700 square metres. Flexible lease structures will also be offered including short and longterm leases.
Images courtesy Tipalea.