The Zones quickly attracts interest for new commercial project
The increasing demand for commercial property in Greater Springfield has sparked The Zones – a new development already proving popular for small and medium businesses.
Springfield City Group has started earthworks on The Zones – a project in excess of $7 million that will offer 22 strata-titled units for mixed use including retail, office, warehouses, a café and a gym. The concept includes hybrid units with office and warehouse space.
The Zones complements two neighbouring strata projects by Springfield City Group that fully sold a combined 25 units.
Springfield City Group’s Sean Ranchigoda said The Zones was created for the growing interest among small and medium businesses.
“We have eight of the 22 units under contract already and that’s due to this increasing demand for units that can be purchased by small and medium businesses who understand the benefits of Greater Springfield,” Mr. Ranchigoda said.
“We developed Hub 23 in the same precinct with 10 units that were quickly snapped up. That was a warehouse-based complex whereas The Zones provides a mix of options now being demanded by the market.”
Prices for The Zones vary from $4600 per sqm for warehouses to $5700 per sqm for showroom tenancies and $6500 per sqm for ground-floor office space. Units range between 55sqm and 296sqm in size
“These projects are being developed every few years in this area to meet the demand,” Mr. Ranchigoda said. “And the demand is mostly coming from local buyers who understand the benefits in purchasing units compared with leasing.”
The Zones is bounded by Technology Drive, Gateway Drive and Success Circuit, offering three-street frontage.
ICM Construction has begun work on The Zones with a completion date of November 2023.
The development is being marketed by Springfield City Group and Raine & Horne Commercial.