Businesses spend big to secure space in The Esplanade in Norwest business park

THE Esplanade development has smashed commercial sales records for the Norwest Business Park, selling for almost double the average price in the area.

Artist image of The Esplanade. The commercial space has been completely sold. Picture: Capital Corporation

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THE Esplanade development has smashed commercial sales records for the Norwest Business Park.

Businesses have already snapped up the 36 commercial workspaces at the lakeside Solent Circuit development, despite the fact work on it is yet to begin.

The lots were snapped up for between $212,800 and $1. 4 millions; averaging a selling price of $6900 per sq m.

Work has not begun but the workspaces have sold for a higher price than other Norwest business park locations.

The figures for the Capital Corporation mixed-use development were nearly double the average of Norwest prices of between $4500 and $5600 per sq m.

The workspaces will be spread over three levels of offices and a ground floor dedicated to restaurants and shops.

The space will have exposed ceilings, polished concrete floors and outdoor rooms ready for meetings or social get-togethers.

Buyers come from all professional walks of life, including accountants, real estate agents and doctors. Capital Corporation managing director Steve Grant said it was all a matter of location, location, location.

The ground floor is expected to house restaurants by the lake. Picture: Capital Corporation

“We’re breaking sales records for Norwest only because Esplanade is offering businesses what they want: great location, integrated development with residential apartments and a dining precinct as well as boutique workspaces,” he said.

“Businesses and investors obviously see the future value of the Sydney Metro Northwest rail link and the transformation of Norwest from a business park into a vibrant urban hub which has been kick started by Esplanade that brings the live, work and recreation combination together so thoroughly.”

The Esplanade, slated for completion in 2019, will be positioned nearly 400m away from the soon-to-be-built Norwest train station.

The Esplanade will not be ready until 2019. Picture: Capital Corporation

The two-tower complex will comprise of 267 apartments over 19 and 20 storeys.

The apartments will be a mix of one to four bedroom units, ranging in price from $600,000 to more than $1.3 million.

In April, Hills Shire Mayor Michelle Byrne slammed the Esplanade for delivering smaller than expected apartments and fewer carparking spaces than necessary.

Mr Grant denied this and said it had purposefully provided large and small apartments to “meet the market demand in the Hills district”.

The Solent Circuit development will replace the Sydney Ice Arena.