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One of Dockland’s last remaining – and most prominent - development sites will become a $700 million mixed use development, under ambitious new plans by the consortium vying to buy the site.
Sources say the 1.6 hectare site known as the South East Stadium precinct will make way for an office buildings, a high rise apartment building, a hotel and a massive retail pavilion capitalising on busy pedestrian foot traffic connecting the Telstra Dome to the Southern Cross railway station.
Insurance giant Suncorp is understood to have committed to between 15,000 square metres and 30,000 square metres of office space, dependent on what Promina-controlled brands it wants based at one flagship office. Suncorp merged with Promina in March last year.
Joining Suncorp as a potential neighbour is Members Equity Bank which is reported to have committed to between 20,000 square metres and 30,000 square metres of office space in the same precinct.
Both tenants would walk the well worn path from the CBD, leaving more offices to be filled from about 2012, sources say.
As well as office buildings and a major retail hub, source say the site is expected to make way for a Saville-branded hotel and a new high rise apartment tower.
The South East Stadium site was put to the market late last year by the typically possessive VicUrban, which have slowly siphoned all sites in the $7 billion Docklands precinct to major developers including Mirvac, Lend Lease, MAB and ING.
A consortium including ISPT, Cbus Property and Equity Pacific is understood to have paid more than $50 million for the site, which sits immediately south-east of the Telstra Dome, between the Bourke Street footbridge.
It is believed Suncorp will relocate its offices from 501 Swanston Street into ISPT’s recently vacated 447 Collins Street office building on a flexible lease term, allowing it to transition smoothly into the new Docklands building once it is complete.
Represenatives from Suncorp and VicUrban declined to comment on the speculation when contacted by Capital Gain. A spokesperson from ISPT could not be contacted.
Knight Frank director Mark Rasmussen, who is believed to have negotiated the two office deals, declined to comment as did a spokesman from global architect firm Woods Bagot, which is believed to be designing part of the project.
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