MEDIA RELEASE

Lancini pushes on through rising build costs

CONSTRUCTION is steaming ahead on The Lancini Group's $10 million Woolcock Street business park.

Lancini Group general manager Chris Sherwood said the 10-unit business park, which has attracted strong sales and leasing interest, was on track to be finished in November.

Mr Sherwood said the group had absorbed successive price rises for petrol and building materials, such as concrete and steel, in order to complete the project on schedule.

However, he hinted that prices of the industrial units could rise before November to reflect further increase in construction-related costs.

"To date we have absorbed various cost increases while some developments around Townsville have been placed on hold or will not proceed," Mr Sherwood said.

"The cost to build this development will increase as we get closer to completion. At that time, the prices of our units are likely to increase.

"In the meantime interested companies have a chance to buy or lease units at the Woolcock Street business park at the original prices."

Mr Sherwood said the units could be leased from $140 per square metre net and bought from $2000 per square metre net.

When completed, the 10-unit, two-level development will comprise more than 4000sqm of industrial warehouse, showroom and mezzanine office space fronting Woolcock Street. The individual units range in size from 300sqm to 600sqm.

The development, which includes 84 on-site car parks, is being built by the group's whollyowned subsidiary, Lancini Constructions.

Mr Sherwood said there had been 35 genuine inquiries into the project. He said interest had come from tenants, investors and owner occupiers from a range of industry sectors.

For further information contact Shane Russell
on 0408 010 932 or shane@barepublicity.com.au