15 August 2013 — The cover is blown. The buyer of Pixel for a cool $6 million is inventor Eral Aykutyan, whose company Design-Com produces equipment and technology for buildings.
Design-Com, currently based at Mitcham, 26 kilometres east of Melbourne, will soon move its showroom into the ground floor of Pixel, with administration staff occupying the top level in the centrally located building at at the corner of Queensberry and Bouverie streets in Carlton.
The company produces the emFone emergency telephones for buildings and other equipment related to security and efficiencies in buildings.
It’s understood that Mr Aykutyan has invited Grocon, the developer and vendor, to monitor the building’s performance once it is fully occupied.
So far though, it has not been possible to see how the building performs as it’s only ever been used as a marketing suite and has never been fully occupied.
The exception has been when Ross Garnaut and his team of about 12 occupied part of the top floor for about eight months – on a peppercorn rent – to update Garnaut’s Climate Change Review.
However the building can comfortably accommodate 24 people per floor.
Pixel is currently subject to an intriguing study of insect life to see if green walls and green roofs improve biodiversity.
The building sold for $6 million in June, with tight secrecy provisions around the buyer.
The price was nearly $1 million more than a comparable-sized regular building in the location, according to Grocon.
Grocon’s national executive design manager David Waldren told The Fifth Estate the price was strong and a vindication for green buildings.
“It’s a positive reinforcement of the value of Green Star and the value of sustainability in Green Star,” Mr Waldren said.
“If that building were in Carlton and it was typical commercial office; if it was good quality premium grade it would fetch five [million dollars], maybe five and a bit – certainly not the sort of numbers achieved here.
“It vindicates the thought that went into it in the first instance and [counters the thinking] that a green building is well and good but it’s a bit like putting money down the drain and not a good investment.
“Pixel shows it’s a good investment.”
Read the whole story Pixel sold at a premium for $6 million
Not sure why that’s a given… why pay $1 million over market for something if you just want to trash it.
This building is definitely going to look like shit in a few years time. Its sustainability credentials will be trashed when the next owner decides to upgrade its appearance to be more in line with the latest fashion.
Tony