MaxCap has provided a first-mortgage sustainable upgrade facility to Oceana Property Partners for the development of West Block in Canberra.

The building known as “West Block” located at 21 Queen Victoria Terrace, Parkes ACT is a 1928 constructed, 3 storey commercial office building with heritage features located in the coveted Parliamentary Triangle precinct.

The transaction involved a specialised refurbishment and fit-out of the existing building for a Commonwealth Government tenant, including base building upgrades, refurbishment of amenities, construction of an end-of-trip facility, upgrades to lobbies and stair wells, life cycle upgrades to the lifts, construction of an internal café on the ground floor and restoration of internal and external heritage building features.

Highlights

• Target NABERS Energy Base Build Rating of 5.0 stars post completion of upgrade works.
• Sustainability upgrades include upgraded mechanical services / HVAC, new electrical infrastructure, hydraulic lift upgrades and installation of a 100kW solar system.
• 100% pre-leased to the Department of Parliamentary Services – a Commonwealth Government tenant with a WALE on completion of 11 years.

Additional details on the development can be found on Nabbers, through the case study: Writing a new chapter for West Block.