OPUS 21
Ordinary: $0.4103
Wholesale: $0.3939
Exit Price: $0.3939
Engineering group makes move to Richmond
Fulton Hogan takes space in Botanicca Business Park
June 2010
Specialist property fund manager, Opus Capital Limited, has installed the “Fully Leased” sign at its six-level commercial office complex at Building 7, Botanicca Corporate Park in Richmond, Victoria following the completion of a significant deal with leading Trans-Tasman civil engineering company, Fulton Hogan.
The building, which is an asset of the Opus Income & Capital Fund No. 21, is now a stronghold for construction and engineering services, with Fulton Hogan joining global ground engineering and environmental services company Golder Associates in the 4 Star Green Star building.
Opus Capital Chief Executive Officer, Dean Palmer, said Botanicca Corporate Park was a world-class campus-style office park comprised of a number of buildings supported by recreational facilities and amenities and in close proximity to public transport and the CBD.
“The six-year deal over more than 1,800 square metres on level 3 of the building was negotiated by Colliers International’s Office Leasing Director Rob Joyes on a rate of around $305/sq m net,” Mr Palmer said.
Mr Joyes said the deal highlighted the growth of civil engineering groups off the back of the Federal Government’s stimulus package spending and increases in road infrastructure works.
“This is currently a key driver in the Melbourne office market,” Mr Joyes said.
“It is also another example of a business consolidating separate operations into one location and choosing this precinct as an ideal middle ground,” he said.
Fulton Hogan’s head office is based in New Zealand, with a 5,500+ workforce across New Zealand and Australia. The firm’s Melbourne operations were previously based in the World Trade Centre and Parkville.
“Richmond was seen as the preferred location to bring the merged organisation together,” Mr Joyes said.
“The company requires easy access to all parts of Melbourne, so the proximity to Citylink was a major attraction,” he said.
Mr Joyes said the move was another example in a recent run of blue-chip tenants being attracted to the area, and big-name tenants moving to Botanicca Business Park.
Mr Palmer said Opus Income & Capital Fund No. 21 comprised a number of high quality buildings occupied by blue-chip tenants including a four-level office building at Brisbane Airport fully leased to the Civil Aviation Safety Authority and 700 Springvale Road, Mulgrave, Melbourne, which was 98 per cent leased to ANZ.
