MAB’s CubeOne commences construction in thriving Narre Warren business precinct
Aug 30th, 2017
CubeOne is the first of two office developments by MAB, consisting of five levels and approximately 4,500m2 of high quality commercial space tailored to small-medium business. Completion of CubeOne is due in mid-2018.
“MAB actively targeted this location for a commercial development given the strength of the local business community, availability of local recreational amenity and the convenience of local transport connections,” said Andrew White, MAB Director of Commercial Projects.
Available office suites range in size from 88m2 to 802m2 and have been met with high demand. Retail opportunities remain on the ground level and all office suites include car parking spaces on title.
Facey Industrial Commercial’s Mark Bond said that CubeOne offers exceptional value.
“CubeOne office suites are selling for circa $4,800-$5,000 per m² in a market where similar sized commercial investments are selling for in excess of $5,150 per m² in nearby Verdun Drive, Narre Warren,” said Mark.
Designed by leading architects Watson Young, the office spaces will offer flexible layouts, shared meeting facilities and the latest office technology.
Knight Frank’s Matt Romanin said that demand for premium office space sub 250m2 continues to grow in the South-East and is one of the most competitive markets outside the CBD.
“Local tenants, owner occupiers and investors are driving this market, looking for premium office space surrounded by great amenity yet close to home.” said Matt.
The location is exceptionally well served by freeway access, ample amenity, public transport connections, bike and walking tracks.
Mark added that the surrounding suburbs of Beaconsfield, Berwick and Cranbourne have seen commercial properties selling for yields below 6percent in the past 15 months.
“And by comparison, CubeOne has the ability to offer yields of 6.25percent or better, assuming a base rental circa $300 per m² per annum plus outgoings,” said Mark.
CubeTwo, the second stage of MAB’s development, will target larger businesses seeking office suites in excess of 500m2.
For further information or to register interest contact Stefan Miles, MAB Development Manager on 03 8681 2222 or visit mab.com.au
Ph: 03 8681 2268
About MAB Corporation (MAB)
MAB Corporation (MAB) is a privately owned property development company that has been successfully operating since 1995.
Established and owned by fifth generation Melbourne property identities, Michael and Andrew Buxton, MAB has activities in residential, retail, industrial and commercial developments, as well as a funds management business. By daring to imagine such visionary projects as NewQuay, Docklands and University Hill in Bundoora, MAB is playing a significant role in reshaping the environments in which we live, work and play.
In a joint venture with Gibson Property Corporation (GPC), MAB has now embarked on Merrifield - its largest and most visionary development to date.