COMMERCIAL PROPERTY, SALES & LEASINGCORONAVIRUS COVID-19 PANDEMIC

Pellicano shows confidence with $260m spec office

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PELLICANO has unveiled plans for its $260 million mixed-use project in Melbourne’s south east, and is looking to begin construction early next year despite locking in any office tenants.

Spanning 3.14 hectares in Moorabbin, the permit-approved Common Grounds will have 32,000 sqm of office space spread over five buildings, including co-working space, plus 2,000 sqm of retail, a 400 sqm wellness studio, and a food and beverage precinct centred around an al fresco courtyard, as well as 1.2 hectares of green space to Moorabbin.

Common Grounds is targeting a 5-Star NABERS rating and a 5-Star Green Star rating with energy-efficient 99kw solar PV system, provision for battery storage, rainwater harvesting and recycling, including rain garden and native vegetation to 75% of the landscaping.

The green space and public parkland includes a basketball court, playground, curated urban art, and spaces to be utilised for community events, markets and activations.

Pellicano managing director Nando Pellicano said the developer wanted to “create a truly impressive integrated mixed-use business park which employees and customers are now demanding”.

“Last year’s shift towards work-from-home also drove a simultaneous change in the needs of commercial tenants and employees, away from the CBD and with a focus on amenities like green space, wellness facilities and first-class end-of-trip offerings – that’s what the workforce has become more accustomed to.”

“We think that precincts like Common Grounds hold the key to bringing people back to the office and reinvigorating the surrounding suburbs – by creating lifestyle-led commercial offerings that also contribute to the local area, we think the workforce will respond positively and start opting for on-site over work-from-home.”

New data from JLL shows that while the Melbourne CBD recorded positive net absorption of 24,100 sqm in the September quarter, vacancies increased to 15.0%, and office occupancy levels languished at just 6% in September, according to the Property Council.

Much of Melbourne’s office transaction activity throughout 2021 has been focused around city fringe locations such as Cremorne and Richmond.

Common Grounds has been designed by FJMT Studio, and FORMium will lead the landscape architecture, which is set to include over 23,000 new trees and plants, with GIW responsible for the project’s environmental solutions.

End-of-trip facilities will complement the 1,600-plus car parks, 150 bicycle stations and accessibility to public transport

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