Work to start on $50m Worldpark project
Article from: The Advertiser
SARAH MARTIN
June 30, 2009 12:01am
CONSTRUCTION of the $157 million Worldpark development at Keswick will begin within a fortnight, almost two years after the project was first announced.
Developer Axiom Properties says construction of the $50 million stage one of the business park will begin in mid-July, following a State Government commitment to lease two floors of the environmentally friendly building.
Engineering firm Coffey will be stage one's major tenant, taking 7000sq m over three floors.
Adelaide-based Built Environs will build the first stage, expected to be completed by September next year.
Axiom general manager Paul Rouvray said all three stages would be built on a rolling basis as tenants were found, but he said securing tenants for the first stage had been the biggest hurdle.
"I am very pleased. Getting the first building across the line showcases the precinct and really puts the precinct on the map," he said.
Once stage one was completed it would be easier to secure adequate precommitment for the rest of the precinct. "We anticipate we will be able to do that within the next three years," he said.
He said the delay had been the result of a deliberate risk-aversion strategy, as the company chose to have all of stage one precommitted before beginning construction.
"We were ready to go about 12 months ago and we had finance approval but we decided to sit back and wait until we had it fully let," he said.
"It has definitely been a lot harder than it was two years ago – every organisation is looking to cut costs."
Designed by Woodhead architects, the building will be five-green-star rated. The park has been designed to harvest stormwater and recycle grey water for non-potable use.
