Location: North Shore
Role: Development Management & Client Representation
Commencing in 2001 this 4½ year, 47 ha project set a bench mark for Business Park subdivision.
The project had two significant achievements:
1. The creation of a new locational identity using new strict building controls and efficient design and lot sizing;
2. The successful planning and completion of a major earthworks with over 1 million m3 being shifted and compacted.
These successes were a credit to the team lead and directed by Cambridge Estates as part of the successful interplex@albany Business Park project.
The suite of land use controls that supported the locational identity were critical to the success of the project. By comparison, ‘traditional’ industrial land developments are normally sold piece meal over time with a risk of significant building design and tenant quality contamination, potentially lowering overall quality product and therefore value.
This suit of land use controls provided enforcement security alongside the required flexibility to adapt to market and product advances (a recognised problem with inflexible covenants). Purchasers of interplex@albany sites were very supportive of the approach – especially given the certainty it provided to owners around the form of the future development.
The entire property was earthworked to provide platformed commercial lots with industrial standard roading to give flowing networks and connectivity. Some sites were specifically designed with dual frontage to allow through traffic access.
In all, in excess of 1 million m3 was moved on site and all as a the completely balanced cut to fill.
The encumbrance, managed through an Owners Association, controlls all development on the completed lots under the following elemental controls:
a. Site planning
b. Building Form
3. Construction Rules.
The above created a ‘Development Code’ that encouraged and promoted excellent site and building design while providing an enforceable mechanism to prevent and stop bad design.
This demand was reflected in land sale values that commenced at $179 m2 first sale, to $650 m2 in a final stage lot sale. The interplex@albany land commanded a premium of at least 40% over neighbouring land of identical physical nature.
This project was commenced in 2001 when the market was flat and the location of interplex@albany was seen as very secondary. The project was nevertheless a success at all levels.