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Private commercial developer Alfasi Property has kicked off construction of a speculative $100 million Melbourne upmarket office project, staking its faith in demand for space by family-run offices in the city-fringe market.
The 10-storey development, located at 10 River Street on the corner of Toorak Road in South Yarra, will deliver 7,308sqm of net lettable area including two retail tenancies on the lower ground floor.
Alfasi Property, the property arm of the family-run Alfasi Group which was founded by CEO Avri Alfasi in 1980, has contracted Melbourne’s Figurehead Construction to deliver the project which is expected to be completed in the third quarter of 2024.
The company says it is speculatively undertaking the project backed by the success of its 510 Church Street development in Cremorne which is now 95 leased and counts NDIS, Monash IVF (ASX: MVF), Dentsu Aegis, TLA Global and Kane among its tenants.
Figurehead Constructions' founder and managing director Joe Grasso says he has been encouraged by the optimism of Alfasi Properties amid the challenges faced by the construction sector.
“It’s no secret that we’re seeing projects on hold due to unpredictable market conditions,” Grasso says.
“In these challenging times, it’s critical that we work with partners like Alfasi Property, who are optimistic, and therefore dedicated to efficient delivery of their quality fringe commercial office project, 10 River.”
Alfasi Property enlisted Carr Design to create a building that offers 10 whole-floor tenancies targeting family offices from 300sqm to 1,500sqm, while delivering an office building with features similar to an exclusive hotel.
“Since 10 River was conceived, we’ve been focused on creating an exclusive space that delivers what we know prospective tenants like family offices want: a highly personalised experience, prestige in design and materials, a building that performs, the luxury, high-end feel of the Forrest Hill precinct and the privacy and discretion that whole floor occupancy with a small number of offices can offer,” says Gill Dvir, the managing director of Alfasi Property.
The 10 River development will provide personalised, corporate concierge services, including premium drive-through valet parking including car washing for tenants, visitors and employees.
Tenants also will have access to amenities such as end-of-trip facilities with luxuriously appointed bathrooms, full-height privacy partitions and soft lighting.
Among the key design inclusions is a private terrace for most office levels, providing alternative areas for productivity and respite.
Alfasi Property has enlisted JLL’s Josh Tebb and Matt Szakiel, and CBRE’s Anthony Park and Joshua Jennings, to undertake a leasing campaign for the office building.
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