McConnell Dowell will relocate from Hawthorn to Burnley after striking a lease deal with Charter Hall and Victorian Funds Management Corporation.
The infrastructure construction company has signed up for 3500 square metres or just over 10 per cent of the 13 level office, under construction at 480 Swan Street, on the south east corner of Burnley (artist’s impression, top).
Australia Post is the anchor, pre-committing to the majority the balance in 2021 – a surprise move which would see it quit the CBD.
Upon completion next quarter, the fully electrified suburban asset is expected to carry a c$460 million end value.
Burnley, which shares the same postcode is Richmond, is five kilometre east of Melbourne’s CBD.
McConnell Dowell’s outgoing Hawthorn office is owned by Growthpoint – headquartered in South Africa, like the tenant’s parent, Aveng.
The occupier was represented by JLL’s Ed Hill (story continues below).
Another deal for pair
The 32,000 sqm Burnley St property will be held by a Charter Hall managed partnership comprising the Charter Hall Office Fund and VFMG.
The same pair are behind an Adelaide CBD office too – 52-66 King William St, incorporating the historic Sands & McDougall building.
Also known as 60W and billed as Adelaide’s biggest single commercial real estate project, with and end value circling $465m, that property is anchored to Services Australia.
Charter Hall and VFMC control a swag of Bunnings stores as well via the Long WALE Hardware Partnership, which Telstra Super backs too.
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