Gateway Capital reveals masterplan for $72M revitalisation and rebranding of former Axxess Corporate Park in Melbourne’s south-east15 December 2023
Gateway Capital has this week revealed a masterplan for the former Axxess Corporate Park which it acquired as the seed asset for its new vehicle, Gateway Capital Urban Logistics Partnership (GULP), in June of this year.
Located at 307 Gilby Road, Mount Waverley, the existing site provides 84,926 sqm of lettable area incorporating both warehouse and office components across 24 buildings.
Gateway Capital immediately set to work on realising the upside of the 20-hectare park, which it has rebranded as Urban Acres – a nod to some 400+ trees found across the property.
Stuart Dawes, Gateway Capital co-founder and CEO, commented:
“We launched the GULP to focus on urban core plus, value add and development assets on the east coast of Australia. Seeking opportunities in urban locations surrounded by large residential populations who need space to work and socialise, the acquisition of Axxess Corporate Park is a perfect illustration of the GULP strategy.”
Designed by renowned Watson Young Architects, the masterplan retains existing buildings but seeks to improve underutilised portions of the park. The overall vision is to create a central space encompassing additional day to night amenity and a future hotel.
The masterplan includes three additional food offerings, a wellness space and a brewery; as well as adding two new warehouses and localised warehouse expansions across the park. It also overhauls connectivity around the site, allowing for improved traffic flow and pedestrian access.
Adrian Young, Watson Young Director, said:
“We believe in the power of connection and well-being, providing opportunities for interaction and improved health, offering on-site fitness activities such as a gym and yoga studio, and surrounding food and dining experiences. Urban Acres is a vibrant community hub that goes beyond conventional work hours, transforming into a lively marketplace during evenings and weekends with a brewery and breakout spaces.”
Gateway Capital believes this vision will allow Urban Acres to become a premier workplace destination in Melbourne’s south-east as well as injecting evening and weekend activity within the site’s centre.
Peter McDonald, Gateway Capital co-founder and CIO, commented:
“Our vision for is Urban Acres is for it to appeal to consumers as much as it does to business. We’re at the demographic centre of Melbourne but the immediate area, as well as our site, is crying out for fresh amenity,” Gateway’s chief investment officer Peter McDonald said.
“Our priority right now is building relationships and improving spaces for our current tenant community to ensure this is a place they want to work for years to come,” he continued.
The park is ideally positioned just 400 metres from the M1 Monash Freeway, an attraction for over 100 existing tenants including Australia Post, Stryker, Bapcor, Strikeforce, Cabrini Health, Techtronic Industries, Suncorp and i-Med Victoria.