A MAJOR leasing deal for an historic office building known as the “money box” may result in additional levels being added at the centre of Sydney’s banking district.

International law firm Ashurst is reportedly in advanced negotiations for 16,000 square metres of space at the 5 Martin Place office building (pictured, right), once occupied by the Commonwealth Bank.

The $450 million development is co-owned by the Commonwealth Property Office Fund (CPA) and industry super fund Cbus. The addition of nine additional levels in the Sydney CBD is expected to take about 2 ½ years to complete, according to the AFR which reported the Ashurst lease.

BILLIONAIRE businessman Lang Walker has decided against another fight with Kew residents, east of Melbourne.

Announcing the final stage of the $400 million Kew Cottages site redevelopment this month, his company, Walker Corporation, shelved plans for five level apartment complexes capable of including 100 flats, and instead will build eight standalone $2 million homes on the 3240 square metre final portion of land.

ONE of Sydney’s most exclusive suburbs is about to see a rise in apartment skyscraper activity.

This month, it is expected authorities will approve a $65 million plan to revitalize Double Bay.

The Kiaora Lands site on New South Head Road, of which a redevelopment proposal has been discussed for more than a decade, will make way for one of the suburb’s bigger proposal. Two new commercial sites will replace existing aged care buildings.

AUSTRALAND Property Group has sold an as yet unbuilt office and warehouse facility in Melbourne’s west to the Australian Ballet.

The 9840 square metre facility within the Access Altona estate in Altona will start construction this month, and is due for completion at the end of the year.

Australian Ballet, a national dance group, will amongst other things, store scenery, props, lighting and costume equipment at the new facility.