HOBEC partners required a modern office building with supporting café. Given the building was to be located on the CBD fringe, ample car parks had to be provided and spaces had to be created for HOBEC to entertain their clients.
The project was challenging due to rising land values and building costs, such that market rentals had to lift to justify the investment. The catch being rentals had to be realistic because other partners of HOBEC whom were not part of the redevelopment would be responsible for cash flow, and if the property was taken to market the rental levels had to be seen as being realistic.
The building was strata-titled to enable an immediate sale of the first floor to then RHB Accountants. This transaction provided the momentum to progress with the development. Shortly thereafter, national café chain Sierra committed to tenancy facing Cameron Road.
Marra construction were engaged under a Design and Build contract to complete the building works following a competitive pricing bid. The project had a number of challenges, notably a two staged consenting process to build a further level for HOBEC’s meeting and reception area, and Marra had to consider the buildability solution for the underground basement. Further, construction costs were rising and considerable thought was given to an affordable yet aesthetically pleasing material.
The project was delivered to budget and programme, as reflected by our development feasibility presented to HOBEC partners in the initial planning phases.