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The Damgar Group is taking a punt on an untapped suburban office market, announcing plans for Creswick Malvern, a $24 million office building in Melbourne's south-east.
Damgar Group managing director Damian Fraser says demand by executives and small professional businesses to work close to home has driven his decision to develop the four-level office building at 1501-1505 Malvern Road on the border of Glen Iris and Malvern.
He expects Creswick Malvern, the company's biggest office building project, to poach prospective tenants from Hawthorn and South Yarra where office hubs are more established.
"There are plenty of 2000-square-metre-sized businesses in the south-eastern and eastern suburbs that have outgrown their space," he said. "People I speak to say even driving to Hawthorn or Camberwell (from the south-east) is a headache with traffic the way it is," he said, adding that the push by tenants to be in environmentally sustainable buildings has also given Damgar the confidence to develop.
The A-grade, 4.5-star Australian Building Greenhouse Rating building will measure about 4700sqm, and be one of the biggest in the area. It will include 129 basement car parks and full showering and bathroom facilities.
The development will also include a "green wall", a type of vertical garden in the foyer that rejuvenates the atmosphere.
Construction will start without a tenant pre-commitment, and is expected to be finished at the end of next year. The site is a collection of old shops and warehouses, between Tooronga and Burke roads, near the Gardiner train station.
GormanKelly's Sandro Peluso is marketing the property.
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