This article is from the Australian Property Journal archive
The sons of Melbourne’s renowned business families, Andrew Fox and Nick Beck have teamed to take on their first $1 billion project, Essendon Fields.
The project is located on Essendon Airport land, 10 Kilometres north of Melbourne CBD, the project is also Melbourne’s largest masterplanned community.
Essendon Fields is a joint venture between Beck Corporation, headed by Max Beck and LinFox Property Group, headed by Lindsay Fox.
In 2001, the joint venture signed a 99 year lease over the site and later in 2003 gained approval to develop a masterplanned community.
The 10-year Essendon Fields project is expected to accommodate 30% offices and 70% office/warehouses tenants, as well as a village centre equip with a childcare centre, gymnasium, supermarket and dozen specialist retail outlets.
Essendon Fields’ development manager Nick Beck said the project has the potential to accommodate for 100,000 sqm of office space and 400,000 sqm of development space.
Essendon Fields’ chief executive Rob Whitwell said Essendon Fields is one of Melbourne’s largest master planned business communities and second only to Docklands.
“The initial development program includes major capital injections to infrastructure and road systems to reconnect and rejuvenate the airport to become a landmark feature of Melbourne’s business future,” Whitwell added.
The first stage of commercial development at Essendon Fields’ English Street precinct is a 75-hectare business centre that will include a mix of office, hi-tech industrial and retail space.
This follows the first project at Essendon Fields, Direct Factory Outlet Essendon, which was completed in October 2005, incorporates 110 tenants into 25,000 sqm of retail space.
Whitwell said an additional 40,000 sqm of bulky-goods retail was currently under construction in the Bulla Precinct, with the first stage due for completion in May and the second and third stages expected to be ready by the end of 2006.
Construction is now underway on the first office building, the $9 million Essendon Fields House, is a three level office building with 3,600 sqm of space built above one level of car parking for 38 vehicles.
Beck said the building is the first of 15 to 20 office buildings earmarked for the site.
In addition, there is also an international 4-star 150 room hotel planned for site.
The group is in negotiations with two operators for the seven storey hotel, it is believed Accor Asia Pacific is one of the suitors.
Accor Asia Pacific has a long standing relationship with the Beck Family, the hotel operator currently operates a 200 room Novotel Hotel within Becton’s $58 million Century City Walk hotel/cinema and entertainment complex in Glen Waverley, Melbourne.
By Nelson Yap
