This article is from the Australian Property Journal archive
REAL estate financier MaxCap is backing Accord’s $180 million North Melbourne commercial office development, 88 Laurens.
MaxCap is providing a first mortgage construction facility to Accord Property Group’s commercial complex, which will comprise 12 levels of high-quality A-grade office accommodation across 17,829sqm of net lettable area.
The complex will also feature a ground floor retail tenancy, high quality end-of-trip facilities and basement parking for 251 car spaces.
“We are delighted to be partnering with Accord for a second time,” said Zak Fennell, investment director at MaxCap.
“The ‘88 Laurens’ project will be the first and only institutional grade office complex to come online when the new Arden Station is operational and given the recent announcement regarding the new biomedical precinct at Arden, there is expected to be considerable leasing demand during construction.”
Located 1.5km north of the Melbourne CBD, the complex will sit amongst both residential and commercial buildings and is within close proximity of the Errol and Queensberry Street precincts, including the University of Melbourne, Victoria Market, and Moonee Ponds Creek Trail.
The project will also benefit from easy access to public transport, as well as major transport links including the West Gate Tunnel and Tullamarine freeway entrance, as well as the Metro Tunnel line, scheduled to be completed in 2025.
88 Laurens will target a 5.5 NABERS rating, a 5 Green Star rating and is pre-approved for a WELL Gold rating for design.
Construction on 88 Laurens commenced in January last year, with completion anticipated for December 2023.
With the financier finishing up a record 2022, having deployed $2.8 billion and seeing a 14% increase in fund assets to circa $7.0 billion.
