This article is from the Australian Property Journal archive
PROJECT consulting company VDM Group has bought a 15,000 sqm block of land in Osborne Park, Western Australia for $15.5 million.
The company has also proposed to build a new headquarters on the site and relocate from its existing Stuart Street premises in Northbridge.
VDM intends to subdivide the land into six blocks of which one will be for its own purpose-built head office building, which will comprise 6,000 sqm of office space and 200 parking bays.
The remaining five blocks has been earmarked for a ‘technology park’ style development, which will then be sold as completed office units.
Initial planning has determined that construction could be completed by December 2010.
VDM’s executive director Jim van der Meer said this parcel of land is a wonderful opportunity as the Perth office market is extremely tight at the moment and this provides a solution to the company’s growing premises demands.
“It offers a sizeable land bank in which multiple developments and investment opportunities can be generated,” he added.
VDM’s chief executive John Farrell said the value of the land and building assets is expected to improve significantly over the medium term, resulting in VDM’s balance sheet being considerably strengthened.
In Meanwhile, the company’s subsidiary, Keytown Constructions, has won a contract to construct a six level apartment building complex, known as ‘The Moorings’, in Mandurah.
The development comprises 40 units and one restaurant.
The contract with Dolphin Quay is valued at $28.5 million and will start immediately.
Keytown Construction’s joint managing director Clive Bradshaw said Mandurah is the fastest growing area in WA and there are clear opportunities to leverage from this highly prestigious development.
Australian Property Journal
