Melbourne CBD office Archives

Office Sector Set to Strengthen in 2011: Report

LAST year, by and large, residential landlords were the investors best able to reap the rewards of a short supply, by boosting their rents.

This year however, may be year of the office landlord.

According to a new report by commercial real estate agency Colliers International, office rental costs are expected to increase in most capital cities, because of a shortage of new supply and an improving economy.

It expects office vacancies to fall in all major CBD office markets expect Brisbane (which already has a high 9.6 per cent vacancy).

Victoria

Grocon, APN to Develop Scots Church Carpark, Melbourne CBD

May 21, 2010 Marc Pallisco APN Property Group, Grocon, Melbourne CBD office

THE on-again-off-again plan to redevelop the car park behind the Scots Church, in the Melbourne CBD, is on again.

Grocon and joint venture partner APN Property Group are planning to build a $150 million, 20,000 square metre office on the site of a car park behind the heritage listed church, at the corner of Russell and Collins streets.

The building will have a street address of 150 Collins Street, despite facing Russell Street.

Elsewhere in the area CBus Property is planning to redevelop 171 Collins Street into a $280 million office and retail complex.

Victoria

CBUS Buys Half Share in 171 Collins Street Development

March 17, 2010 Marc Pallisco CBUS, charter hall, Collins Street, institution, macquarie, Melbourne CBD development site sale, Melbourne CBD office

AS reported in The Age last year, CBUS Property has confirmed it is the mystery buyer of a half share interest in Melbourne’s 171 Collins Street development.

CBUS has paid Sydney-based owner Charter Hall $15.5 million, to take its share in the $280 million office development, which challenged a previous planning precedent, restricting height around the “Collins Street spine”.

It’s understood the developers are targeting the National Australia Bank which has a 40,000 to 60,000 square metre requirement in the market at the moment.

Victoria

Nurses Board of Victoria to Reap More than $12.5 Million From Two Adjoining Melbourne CBD Offices

March 15, 2010 Marc Pallisco carlton, Drapac, Melbourne CBD development site, Melbourne CBD office

RESIDENTIAL developers are circling two adjoining office buildings at the “Docklands” end of the CBD – being offloaded by the Nurses Board of Victoria.

The buildings, at 595 and 597 Little Collins Street, are expected to reap a total of about $12.5 million at auction next month.

The Board paid $4.1 million in March 2000 for 595, and $4.9 million in June 2008, for 597.

Victoria

Victorian Farmers Federation to Sell 24 Collins Street

July 19, 2009 Marc Pallisco federation, Melbourne CBD office

THE Victorian Farmers Federation has outgrown and will sell an “under-utilised” office building at Collins Street’s Paris-end.

The 40-year old office at 24 Collins Street is expected to sell for between $16 million and $19 million, sources say, reflecting a yield of between 6 and 7 per cent, based on the building’s potential annual rental income of $1.1 million.