First strata office joins Williams Landing commercial precinct
10 July 2019
Cedar Woods Properties has recently completed its flagship $27 million strata office development at Williams Landing, further cementing its prominence as an emerging commercial hub in Melbourne’s west.
The office project, 111 Overton Road, completely sold out prior to building construction commencing and incorporates 47 office suites. It has been popular with a range of owner-occupiers, including lawyers, accountants, financial planners, recruiters and educational support services.
The building also incorporates a 1,525 square metre medical centre on the ground floor, increasing access to quality primary healthcare for the wider community, including a general practice as well as dentistry, pathology, and radiology services.
The medical centre, leased to a subsidiary of national medical services provider Cornerstone Health Pty Ltd, and trading as ‘Our Medical Home’, was sold to Barwon Investment Partners Pty Ltd for $8.2 million earlier this year. The deal continues Cedar Woods’ successful strategy of preleasing commercial buildings and on-selling prior to completion.
The completion of 111 Overton Road was celebrated by Wyndham City Council Mayor, Cr Mia Shaw, and Cedar Woods state manager for Victoria, Lloyd Collins.
According to Collins, the record sales success of 111 Overton Road demonstrates the strength of the commercial market in Melbourne’s western corridor, as investors and businesses look for premium office accommodation in attractive communities with a good balance of rental yield and capital price growth.
“For small and medium sized businesses, there’s a growing need for quality office space that offers access to good public transport connections and local amenities. Williams Landing provides an array of amenity such as the shopping centre, connectivity to the train station and direct access to the Princes freeway, which all contribute to the community’s attractiveness as a commercial destination,” says Collins.
“Strata offices continue to be a highly sought-after product – many businesses are looking to invest due to the potential for significant capital growth and rental yields.
“We achieved great early interest in the project, from businesses looking to purchase their own premises, and also from investors, both local to the area and beyond.”
Wyndham Mayor Cr Mia Shaw said that 111 Overton Road was a great addition to the growth of the Williams Landing commercial precinct.
“On behalf of my councillor colleagues and the people of Wyndham it was great to celebrate the official opening of this flagship development at Williams Landing,” says Cr Shaw.
“This is a wonderful opportunity for our city, not only a great addition to this emerging commercial precinct, the ground floor will also provide our residents with additional access to quality healthcare providers.”
Businesses that have recently moved into 111 Overton Road include Equalen Pty Ltd, an accounting, tax and business advisory service, Pointax, chartered accountants and business advisors, Smart Loan and Conveyancing, a complete financial solutions provider, and BrainBuilder, offering a holistic approach to maths education for children.
Ajay Pai, managing partner of Equalen, chose to move his business to Williams Landing after becoming a resident two years ago, recognising the opportunity to capitalise on the area’s growth prospects.
“As a resident of Williams Landing, I believe the area has great potential to become a major hub of commercial activity. Set to evolve exponentially, I think having an office in Williams Landing will help to grow my business,” says Pai.
“There are many factors that add to Williams Landing’s appeal – it’s close to the shopping centre and offers great road and rail connections, making both the city and Geelong easily accessible.”
As the suburb evolves, Williams Landing will become a vibrant precinct where people can work, live and thrive, whilst also offering strong investment opportunities.
“Focused on the transformation of communities and lifestyles, when we launched the Williams Landing masterplan we had a clear vision for it to become a self-sustaining, mixed-use community, and the emergence of our commercial precinct is delivering that reality,” says Collins.
Creating diverse portfolios to unlock value is central to the Cedar Woods approach and sets the developer apart from its competitors, added Collins.
“In addition to unlocking value – from both a financial and community perspective – we always endeavour to create a diverse development portfolio from a product, price and geographic perspective. Williams Landing is case in point,” adds Collins.
Designed by Gray Puksand Architects and constructed by Hacer Group, 111 Overton Road is the first strata office building to have been completed, with the second, 101 Overton Road, currently under construction.
Features of 111 Overton Road include secure car parking, conference facilities, air conditioning, kitchenettes, bicycle parking and shower facilities.
Representing a diverse portfolio of quality developments that offer rigorous attention to design and innovation, Williams Landing is located just a 20 minutes’ drive or 28-minute train from Melbourne CBD and is becoming the commercial hub for the west.
To date, the developer has a portfolio of four standalone commercial buildings and another within the shopping centre. This latest project furthers Cedar Woods’ strong track record of developing in-demand office space in Melbourne’s west.