Great Southern Bank quits CBD for South Yarra
Great Southern Bank will relocate its Melbourne office from the CBD to South Yarra’s recently completed Goldfields House.
The Brisbane based group, formerly known as Credit Union Australia, has taken a full floor – 1123 square metres – of 627 Chapel Street for an initial seven years.
It will quit the 35 year old 628 Bourke St which coincidentally was offered for sale this month by its Swiss owners, AFIAA, carrying $200 million-plus price hopes.
“Goldfields House provides us with a positive work environment that’s been purpose designed for our team,” GSB’s chief customer officer, Megan Keleher, said.
“Ultimately, it will help promote a work culture that focuses on the needs of our team members as they support our customers,” she added.
The bank will join digital companies, Fusion Markets, SICE and TaxLeopard, asset manager BFG, co-work outfit The Lofts, myDNA and James Phillips Design, at 627 Chapel St.
Developer Oreana, directed by brothers Steven and Tony Sass, also occupies a full floor, relocating from 484 St Kilda Road, an office once held by the Gas & Fuel Corporation then Perron Investments, but nowadays owned by Keuhne Real Estate.
Commercial real estate agency Aston, led by Fred Nucara, leased a level of 627 Chapel St too, last year, quitting High St, Prahran.
GSB, established in 1946, employs about 100 Melbourne staff.
Building nearly full
Over 24 floors and with 24,000 sqm of A-grade area, 627 Chapel St was developed by Marco Gattino and Lachlan Thompson’s Goldfields Group, which paid Fridcorp $50m for what was then a six storey office, in late 2017 (story continues below).
That building was developed in 1989 by Michael Yates and later owned by Henkell Brothers.
JLL’s Josh Tebb and Sam Torrance brokered the GSB deal; following it, just 1190 sqm remains.
“The building has high quality features such as hotel quality end-of-trip facilities including a biometric scanner and cardio machines, e-bike and e-scooter charging stations and parcel delivery lockers,” Mr Tebb said.
“Then there is the business lounge accessible to all tenants, a full-time on-site concierge…and signature ground floor bar and restaurant,” he added.
The rooftop will also be configured with a licensed bar operated by Cam Northway, to be known as Beverly.
“Goldfields House offers an innovative office space for future-focused businesses moving into the growing city-fringe office market, as well as an opportunity for tenants who have traditionally resided within the South Yarra precinct to upgrade their accommodation,” Goldfields chief executive officer, Mr Thompson, said.
Elsewhere in the suburb, two years ago, Bill McNee’s Vicland completed a nine level office on the ex-Jam Factory car park.
With 6381 sqm of area, that fully leased investment later sold to German fund manager Real IS for $73.5m, reflecting a 4.5 per cent yield.
Vicland is also putting the finishing touches on a Toorak Rd, Toorak, office – replacing the Toorak Way retail and office complex – a 2663 sqm site it picked up for $58m in 2019.
Subscribe to our newsletter at the bottom of this page.
