Norwest Quay

Summary

Project Completion: 2002
Building Area: 10,800m²
Car Parking: 420 cars
Project Value: $36,000,000

The Area

This is another of Capital Corporation's landmark properties in of Norwest Business Park. It's located close to the commercial centre of Norwest, at 21 Solent Circuit, facing the main lake.

A leading technology and business park, Norwest Business Park is situated within close proximity to the M2 and M7 Motorway, providing rapid access to the Sydney CBD. Norwest is home to a wide range of businesses including Woolworths, Subaru, Cadbury, Valvoline, Wattyl and ResMed. Surrounding amenities include the Norwest Marketown shopping centre, gyms, several childcare facilities, Hillsong Church and a medical centre. There has been unprecedented demand for office space in Norwest recently, which is no wonder when you consider the generous parking ratio, complemented by a business park environment that encourages modern building design and focuses on employee amenity. Norwest also offers a convenient location for residents within Sydney's fastest growing residential precinct Northwest Sydney.

The Property

Capital Corporation was approached by Clarendon Homes seeking new office premises. After an initial brief by Clarendon, Capital Corporation identified this site and prepared a design proposal which demonstrated the efficiencies for a design which allowed the entire Clarendon Property Group, (CPG) - made up of Bellevale and Domain Homes - could be accommodated in a much larger facility than they were initially considering: all of CPG 'under one roof' as it were. The concept won the approval of Clarendon Homes and Norwest Quay was approved for 10,800m2 NLA (net lettable area). CPG elected to underwrite 4,200m² in pre-commitment. Over the 12 months of construction a further 5,000m² was leased, with an impressive 90% leased upon completion.

Whilst the original agreement was for the sale of the building with profits distributed, CPG preferred to retain ownership. After a satisfactory price was negotiated, CPG purchased Capital Corporation's shareholding. The project remains one of the premier office developments in Norwest Business Park.