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A $200 million plan to transform an industrial park in south Sydney into a commercial “lifestyle” hub, has been unveiled by commercial property giant Dexus.
Dexus, Australia’s largest listed owner of office space, has appointed architecture firm Nettletontribe to oversee the creation of 200 strata offices across three buildings – two of which will be reused for “creative” office space, retail and cafes and restaurants.
The mixed-use precinct, spanning 24,300sq m, will be named “Botany Quarter”.
The redevelopment, touted by the property powerhouse as a premium “life-work-life” hub, also includes the construction of the third and new building which will comprise hi-tech industrial units with loft showrooms and creative commercial suites.
Dexus acquired the Botany Lakes Business Park, located in close proximity to Port Botany and Sydney Airport, at 2-13 Lord Street for $153.5 million in January 2015.
The announcement of Dexus’ Botany Quarter revamp comes as the group ventures outside of office and industrial property deals, developing some of its key inner-city landholdings as part of a $4.2 billion development pipeline.
Related reading: Dexus Sells Melbourne Carpark to GPT for $87m
Dexus chief investment officer Ross Du Vernet says that the development will “reinvigorate” the south Sydney area.
“[Botany Quarter] will create a much-needed lifestyle precinct, in the same way that The Grounds of Alexandria has done, for the enjoyment and benefit of both workers and the local community,” Du Vernet said.
“Building on our mixed-use experience, we’ve created a highly flexible offer that will meet the demands of the current market, while allowing flexibility for dynamic businesses to change and evolve.”
Dexus’ evolving project pipeline includes the $1.4 billion revamp of Brisbane’s Eagle Street Pier and the recent approval of a $426 million mixed-use tower in Elizabeth Street in Sydney.
The property group recently snapped up the Audi Centre complex in Brisbane’s Fortitude Valley for $91.2 million earlier this month, on a six per cent yield.
