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Developer Austexx has decided to retain ownership of a Docklands office building it is building on South Wharf Road, after a lengthy marketing campaign failed to fetch the speculated $160 million Austexx wanted for the asset.
The developer will more aggressively try to fill the 26,935 square metre, 12-level “South Wharf” office building, ahead of its completion late next year. Around 23,000 square metres – or 85 per cent of the building – is still vacant.
CB Richard Ellis directors John Furniss and Kenny Thorburn have the task of leasing the building, which despite having a Docklands address, is in an awkward pocket abutting the Wurundjeri Way bridge, south of the Yarra River.
It is now widely tipped Austexx will sell the building close to, or upon completion, and after the cloud which has loomed over the commercial property sector since the property was listed for sale in November, clears over.
Austexx owns another development site immediately adjoining South Wharf, and is said to be planning a 50,000 square metre bulky goods centre. Speculation this site would eventually become a new home for Direct Factory Outlets, which would move from its hugely successful Spencer Street location, was quashed by the developer last year.
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