New suburban strata office to boost small business economy
2 June 2020
Cedar Woods has completed its fourth standalone office building in Williams Landing, catering for small to medium-sized businesses looking for space and value.
Located in Melbourne’s west, the $23 million strata building at 101 Overton Road brings an additional 6,000 square metres of office space to the emerging commercial precinct.
101 Overton Road will see 74 occupiers join over 100 businesses which already call Williams Landing home, including Target Australia’s headquarters and the Assistant Treasurer for and on behalf of the State Government of Victoria. The building is 78 per cent pre-sold with further sales anticipated over the coming months now that purchasers can walk through the completed building.
Capital growth, rising rents and low vacancy in Melbourne’s CBD has meant that suburban strata offices have become more attractive to businesses and investors looking to eliminate leasing costs and build ownership wealth.
Cedar Woods state manager Lloyd Collins said the new building offers an investment opportunity for smaller businesses who play a crucial role in creating jobs and boosting the local economy.
“We’re seeing more businesses invest in the west. In terms of space and value, the CBD and fringe simply can’t compete. With high-profile corporates and many small to medium-sized businesses already basing themselves here, Williams Landing has emerged as an appealing alternative,” says Collins.
“Due to the impact of Covid-19, we have been speaking to businesses who are looking to restructure their office spaces to low rise offices with the ability to use secure swipe card stair access in addition to lifts. Some are looking to set up hub or satellite offices where their employees can work closer to home, with secure parking and transport links to the CBD for meetings. This is a trend we expect will grow as offices start to reopen."
Cedar Woods achieved sales of $5,600 per square metre – a price increase of 6 per cent since its previous strata building which completed in May 2019.
The building completion is expected to bring local employment to over 2,100.
Williams Landing is identified within the Plan Melbourne strategy as a key ‘activity centre’, offering retail and service amenity as well a commercial employment precinct. Cedar Woods has made the employment cluster a priority.
“The west continues to grow, and Williams Landing is in a position to accommodate businesses of all sizes. The town centre is a prime business and investment destination,” adds Collins.
Wyndham City Mayor, Cr Josh Gilligan who recently toured the recently completed development said that when it comes to investing, there is a high level of confidence in Wyndham.
“Council is committed to ensuring a robust local economy and that’s why the completion of this building is a perfect reminder that Wyndham is open for business and investment,” Cr Josh said.
A business owner and investor who bought into Williams Landing is Juanru Sun from Sun Accountants, who purchased three units in the developer’s first strata building and achieved a rental return of 7 percent and unit price growth of 7 to 10 per cent since 2017.
As a small business, I’m glad I made the decision to invest in Williams Landing three years ago. I use one of my units for my own business and rent out the other two. After realising the benefits of being based here, I referred three friends who have all bought into 101 Overton Road,” says Sun.
The completion follows the settlement of the fully pre-leased 107 Overton Road commercial building in March.
Designed by architects Gray Puksand, the building features, a fully equipped conference centre, NBN infrastructure, secure swipe card access and end of trip facilities. There is also a restaurant and local florist on the ground floor.
Williams Landing could host up to 23,000 jobs once fully developed, according to a MacroPlan Dimasi report. Cedar Woods is currently seeking pre-lease opportunities for two new low-rise office buildings – 1 Kendall Street and 95 Overton Road.
Only 20 kilometres from Melbourne's CBD, Williams Landing is anchored by a 50-hectare town centre with access to the train station and Princes Freeway, a shopping centre, medical and childcare centres, a gym, restaurants and more.