CBA Follows Westpac Lead, Stays Put at Bourke Street

The CBA signed a five year lease at the 385 Bourke Street building owned by a subsidiary company, the Commonwealth Property Office Fund. The bank occupies more than a third of the building.

The bank had earlier been mooted as heading to Walker Corporation’s Village Docklands precinct, in a building that has started construction already. The Freshwater Place 2 office building, and 567 Collins Street were also once on the CBA’s radar during their lengthy hunt for space, which first started in 2006.

Last year, Westpac Bank made the decision to stay at its 360 Collins Street office building, after it too reportedly was uninspired by the new CBD buildings on offer.

As reported last month, the Herald and Weekly Times – which has an 18,000 square metre office requirement out at present – is widely tipped to stay put at its Southgate offices.

Both CBA and Westpac are widely tipped to have negotiated attractive market rents at their buildings. A loss of either tenant would have resulted in a massive headache for the building owner.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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