MaxCap provides a Construction Facility to Accord Property Group for a commercial office complex in North Melbourne

MaxCap Group, Australia’s leading real estate financier has recently provided a first mortgage construction facility to Accord Property Group (Accord) for the development of a commercial office complex in North Melbourne.

‘88 Laurens’ will comprise 12 levels of high-quality A-Grade office accommodation with a total net lettable area of 17,829 sqm. The project includes a ground floor retail tenancy, as well as high quality end of trip facilities and basement parking for 251 car spaces. The upper levels of the project will provide high quality view profiles towards the CBD and surrounding suburbs. The project is expected to obtain a 5.5 NABERS rating, 5 Green Star rating, and is pre- approved for a WELL Gold rating based on its design. ESG factors are becoming increasingly important and are expected to be major factor in attracting tenants.

The project is located 1.5km north of Melbourne’s CBD and in a prominent position framed by several residential and commercial buildings. North Melbourne is one of the city’s most complex and dynamic areas, becoming more gentrified in recent decades due to its proximity to the CBD. The project is also close to the popular Errol and Queensberry Street precincts, including the University of Melbourne, Victoria Market, and Moonee Ponds Creek Trail. The area is easily accessible by public transport and near the West Gate Tunnel, Tullamarine freeway entrance, and Metro Tunnel line which is scheduled to be completed in 2025.

“We are delighted to be partnering with Accord for a second time. The ‘88 Laurens’ project will be the first and only institutional grade office complex to come online when the new Arden Station is operational and given the recent announcement regarding the new biomedical precinct at Arden, there is expected to be considerable leasing demand during construction.” said Zak Fennell, MaxCap Investment Director.

The expected gross realisation value of the project exceeds $180 million. Construction commenced in January 2022 and completion is expected in December 2023.