Former Collingwood players Nick Maxwell and Paul Tuddenham are taking their uber-luxury workspace business into Melbourne’s CBD – committing to two major office towers.

In the biggest deal, Eclat will occupy 4602 square metres at Investa’s landmark 120 Collins Street, completed 35 years ago as a Premium-grade office and recently refurbished.

Across floors five, 10 and 11, the tenancy will incorporate its Parlor and Galerie private office suites.

A 300 sqm rooftop terrace with meeting rooms is also available in that building to all occupiers.

Meanwhile in the city’s west, Eclat has committed to Cbus’ new 435 Bourke St (pictured, top).

That tenancy spans 2741 sqm on the 20^th-22^nd levels, incorporating a triple-height void skygarden.

Business footprint trebled

Mr Maxwell, Collingwood’s 2010 premiership captain, and Mr Tuddenham, are behind the hospitality-led coworking business alongside founder Jesse Hayes (continues below).

The model includes hospitality, event and member experience spaces, as well as traditional offices, shared lounges and meeting facilities.

The business targets family offices, private wealth firms, investment groups, legal practices and professional advisers seeking serviced offices and flexible workspace with a greater emphasis on client experience and discretion.

It only operates at the moment from 141 Camberwell Road, Hawthorn East, an office Mr Tuddenham co-developed in 2020 and sold to Growthpoint two years later.

Since launching in 2023, Eclat has leased spaces to CIX Capital, Citadel Wealth, Made Sports, Motto Group, Sentius, Sterling Financial, The Local Project and Zella, founded by She’s on the Money creator Victoria Devine.

The two CBD offices, set to open next year, will more than treble its footprint.

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Mirvac, on behalf of the Wholesale Office Fund, has settled the purchase of a half stake in a prominent Sydney CBD investment.

The $394 million deal for 5 Martin Place reflects a 5.75 per cent yield.

Cbus Property was the seller.

It will retain the balance of the 19-level, 33,860 square metre building at the corner of Pitt Street, also exposed to Rowe Street, incorporating the historic Commonwealth Trading Bank.

Mirvac is also seeking to buy a stake in a Melbourne CBD office – BHP’s headquarters, at 171 Collins St – from Cbus.

Trophy office

Cbus completed the office in 2015, holding a half-stake with co-developer Dexus, and the Canada Pension Plan Investment Board (continues below).

Cbus bought that interest for $296.2m in 2024.

That deal reflected a 6.1 per cent yield, assuming the total value at $592m.

The latest deal prices the asset at $788m.

Ray White Commercial’s Ian Hetherington was the agent.

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Cbus Property has bought half-stakes in two land-rich shopping centres, in Brisbane and Perth.

This investment manager is paying $1.3 billion for Australian Prime Property Fund Retail’s interests in Lakeside Joondalup and Westfield Carindale.

Lendlease was the vendor.

The sale forms part of its liquidity program, with the group to provide Cbus Property with initial advisory support under an investment management agreement.

Cbus Property chief executive Chris Kakoufas said the acquisition would provide income for Cbus Super members and create opportunities for the longer-term evolution of the two precincts.

The deal follows Cbus Property and UniSuper’s $2.2b acquisition of stakes in Gold Coast’s Pacific Fair and Sydney’s Macquarie Centre in 2021, then Australia’s biggest retail transaction.

Brisbane, Perth malls

Westfield Carindale in Brisbane’s south-east contains 136,046 square metres with 375 retailers.

Big W, Coles, David Jones, Kmart and Myer are amongst the anchors.

There is also an Event Cinemas.

The site spans c16 hectares neighbouring the Carindale Home & Leisure Centre.

Lakeside Joondalup, on 23.8ha in Perth’s north, contains 100,234sqm over two levels (continues below).

Co-located with a train station, Aldi, Coles, Kmart, Target, Myer and Hots are amongst the anchors. Completed in 1994 it was last revamped in 2024.

The trade area is 434,691 people.

The assets were marketed by JLL’s Luke Prokuda, Mike Pyke, Nick Willis and Sam Hatcher.

Mixed-use development upside

The deal is subject to conditions.

“The acquisition of 50 per cent interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property’s premium flagship retail portfolio, adding two high-quality assets in prime locations,” Mr Kakoufas said.

“The acquisition extends our retail portfolio into the Brisbane and Perth markets, where we have high conviction in the economic fundamentals underpinning retail performance,” Mr Kakoufas said.

“Our ownership of some of Australia’s leading super regional retail destinations will provide resilient income and, in turn, long-term returns for CBUS Super members,” he added.

“We also see significant opportunities for long-term precinct evolution, underpinned by the centres’ important roles in their local communities,” according to the executive.

“Together with our focus on premium office and residential property in key markets, these transactions continue the reshaping of our portfolio and position the business for its next generation of growth”.

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Mirvac is in advanced negotiations to buy half-stakes in two Premium grade east coast CBD office towers.

The interests in Sydney’s 5 Martin Place (pictured, top), and 171 Collins Street, Melbourne, are understood to be worth c$728 million.

They are expected to be held by the Mirvac Wholesale Office Fund,

Cbus Property is the vendor.

Ray White Commercial’s Ian Hetherington is speculated to have brokered the off-market deals.

Ten weeks ago, realestatesource.com.au reported Cbus bought Brisbane’s Edison Telephone Exchange from Singapore-based Firmus Capital with plans for a Premium grade office.

Sydney, Melbourne assets

The Sydney office contains 33,860 square metres over 19 levels incorporating the restored c1916 11 storey Commonwealth Bank “Money Box” building; key tenants include Challenger and WeWork.

Cbus delivered the building in 2015 with Dexus which held its stake with the Canada Pension Plan Investment Board.

It secured full ownership in mid-2024, outlaying c$296.2m for that interest.

The 50pc share is speculated to be selling now for $394m.

The Melbourne asset – with 33,128 sqm over 18 floors, incorporating the historic Mayfair Building – is occupied by, amongst others, Wood Group, for 6809 sqm, VicSuper (3139 sqm) and Evans Partners (1700 sqm).

GHD and McGrathNichol are smaller tenants.

BHP is the anchor for its global headquarters, leasing14,349 sqm until 2029.

Coincidentally, the ASX-listed resource giant’s Brisbane base also sold this week – for $700m.

Cbus and Charter Hall co-developed 171 Collins St in 2013; it was marketed as the first Premium grade office in the city’s ‘Paris end’ for two decades. There are also 136 car parks.

Charter Hall holds its stake in the Office Trust.

Mirvac reinvests in Melbourne

The deals would see Mirvac invest back in Melbourne after a month ago selling a St Kilda Road office on a corner double-block.

Paul Henley’s OneEast Capital was that buyer.

Also this month, Mirvac divested its stake in the former Reader’s Digest headquarters, in Sydney’s Ultimo.

It held that asset since 2017 with Perron Group.

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Cbus Property has bought Brisbane’s Edison Telephone Exchange, developed by the federal government in 1963.

Sold by Telstra in 2019 with a leaseback expiring next month, the 10-storey brick building at 280 Elizabeth Street (outlined, image, top), at the edge of the city’s ‘Golden Triangle’, is earmarked for a premium-grade office.

The vendor was Firmus Capital; the Singapore-based investment house paid the telco $57 million ex-GST for the freehold – a 1681 square metre site zoned Principal Centre.

It was the group’s second asset in the city after paying Blackstone $129.1m in 2018 for an office at 127 Creek St.

Cbus is the property development and investment arm associated with the country’s construction industry superannuation sector.

Demolition to begin immediately

Cbus will begin demolishing the Edison exchange immediately after settlement.

It has appointed Hutchinson Builders – its development partner for premium grade offices in the city at 205 North Quay and 185 Wharf St, which is under construction.

An all-electric tower is planned; it is anticipated to receive 6-star Green Star and 5.5-star NABERS Energy ratings.

Completion is expected in mid-2030 when a Cbus statement said the supply of Premium grade office space is expected to be limited, two years ahead of the Olympic Games (continues below)

Timing: 2030

Chief executive officer, Chris Kakoufas, said a company focus is on delivering future-ready office assets in key markets.

“This acquisition will continue our track record of delivering exceptional developments that capture market uplift through advantaged timing and delivery excellence ahead of peak construction cycle conditions,” he added.

“What really sets this project apart is its broad occupier appeal,” according to the executive.

“Rather than relying on a single anchor tenant, 280 Elizabeth St has been envisioned as a flexible offering appealing to broader tenant segments with an activated ground plane and the calibre of amenity increasingly expected in premium workplace environments,” he said.

“In the city’s premier financial and commercial district, this site is anticipated to have strong long-term relevance and occupier appeal, reflecting our strategy to actively respond to evolving customer demand, flight-to-quality trends and Brisbane’s growing recognition as a global business destination”.

Cbus has also completed a residential complex in the city at 443 Queen St.

Knight Frank’s Justin Bond and Matthew Barker marketed 280 Elizabeth St.

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Law firm Lavan has leased a piece of the new Premium grade Nine The Esplanade, overlooking Elizabeth Quay, in Perth.

The 3700 square metre commitment is for an initial 10 years.

With the deal, landlords Brookfield Properties and Cbus have filled 92 per cent of the 19 level tower, speculated to be worth $500 million.

Completed last April it contains 31,204 sqm of offices and 2329 sqm of retail including a hospitality precinct occupied by Little Creatures.

Nine The Esplanade

INPEX Australia – the local arm of Japan’s biggest petroleum and exploration company – occupies the biggest space at Nine The Esplanade – 11,200 sqm.

Argonaut, EY and Multiplex are other corporate tenants.

There is a 4600 sqm Hub Australia serviced office too with conference facilities (continues below).

There is also a wellness room, 74 car parks, 209 bike racks and end of trip facilities with 32 showers and 509 lockers.

Lavan stays local

Nine The Esplanade carries a 6-star Green Star Design and As Built rating, 5.5-star NABERS Energy score and an International WELL Building Institute Well Gold Core certification.

“The move by Lavan reflects a continuing shift among leading professional firms toward high performing, sustainable and amenity rich workspaces,” Brookfield president and co-head of Real Estate, Australia, Danny Poljak, said.

“What is significant about this move is Lavan is relocating after 35 years at its existing premises; that’s a great endorsement to the quality and appeal of Nine The Esplanade” according to the executive.

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A major super fund has quietly bought a $300 million student accommodation based mixed use investment within Curtin University’s Bentley campus.

The concession – a type of leasehold – for Curtin Exchange found favour with Melbourne based IFM Investors, on behalf of IFM’s managed funds via a special purpose vehicle management firm, Infranexus

Also since 2008 the manager of the District Court of Western Australia, it is Infranexus’ maiden asset of this type.

The seller is London based InfraRed Capital Partners which bought the 35 year concession in 2019 via an entity, Live-In Learning.

Curtin University then financed the project, opened in 2022, with end value put at $300m.

IFM Investors is owned 15 Australian industry super funds, amongst them Australian Super, Cbus Super, Hesta, Hostplus, REI Super and Vision Super, and a UK based pension fund.

Maiden student accommodation investment

The Curtin Exchange precinct contains about 1000 student accommodation beds in two buildings – St Catherine’s College, with 407 catered rooms, and a 10 level UniLodge, with 517 beds. There are also 38 self-contained apartments in a complex called Zamira.

It also includes retail, anchored by an IGA supermarket, a hotel and offices.

“This project is a significant and strategic addition to the IFM and the Infranexus platform and as a result has the potential to deliver long-term risk adjusted returns for IFM’s clients and the working people they represent,” IFM head of Infrastructure, Australia, Michael Hanna, said.

“This investment builds on IFM and Infranexus’ experience in managing complex infrastructure and PPPs and we look forward to supporting and working with Curtin University,” according to the executive.

Following settlement next month, IFM will control c$235 billion in assets from 13 global offices.

“This project aligns strongly with our purpose and vision and is a new investment in the student accommodation sector,” Infranexus Management chief executive officer, Nick Easy, added.

“We look forward to continuing and strengthening the strong partnership with Curtin University by supporting tertiary education with a range of purpose-build student accommodation options,” he said.

Bentley is eight kilometres south west of the CBD.

“We are extremely pleased with the successful outcome of this investment and project…it has been delivered end-to-end under InfraRed’s long term ownership from initial design and development in partnership with Curtin University through to successful operation delivery, operation and refinance” InfraRed director, Sven Stuvican, added.

“This has been a transformational precinct development for our client and the student community,” according to the executive.

“The asset is performing with high occupancy and has demonstrated strong resilience even during challenging periods such as the COVID-19 pandemic,” he said.

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An enormous development site abutting the Yarra River in Melbourne’s inner east, with plans for two apartment towers, has sold to Cbus Property.

The 1.04 hectare parcel, 43-67 River Street, Richmond, was offered by the family of the late Nigel Peck, owner of NHP Electrical Engineering Projects, which has occupied an office/warehouse there 44 years.

The result is c$55 million.

The end value of the redevelopment could exceed $400m.

LAWD’s Lukas Byrns, Paul Callanan and Peter Sagar were the agents.

JACX Property’s Michael Jackson and Charter Keck Cramer’s Tom Byrnes were the transaction advisors.

What is planned

NHP will relocate to a Hawthorn East office – the ex-Bunnings headquarters – acquired last August.

The Commercial 1 zoned River Rd site was offered with a scheme for a residential conversion with two towers, the tallest, 13 storeys – and townhouses, all up, 179 dwellings.

The proposal also includes 322 car parks.

Cbus is expected to proceed with a plan this scale.

“A hectare of land with more than 100 metres of Yarra River frontage just three kilometres from the city is very rare,” Mr Byrns said.

“Riverside Richmond [as the property was branded] drew strong interest from developers seeking build-to-sell, build-to-rent and retirement complex opportunities at a very unique site,” he added.

“This site represents one of Melbourne’s most significant, large-scale, mixed-use development opportunities and the strong interest expressed throughout the sale process from high quality developers indicates a clear strengthening in the city’s residential property sector,” according to the executive.

The deal comes a month since we reported the family business operators of Porta Mouldings sold its high-profile ex-headquarters for decades, in Alphington, to Cedar Woods, which is also planning apartments.

A fortnight ago meanwhile, developers, one backed by James Packer, swooped on two outgoing Leo’s Supermarkets, in Kew and Heidelberg.

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Andrew Richardson has sold a nine level Sydney CBD car park station on his second attempt.

The developer behind Sheraton on the Park and owner of a city office, 2 Bulletin Place, is banking $40.5 million for 109 Pitt Street.

He paid $38m in 2020, it was speculated, to develop.

With 114 bays leased to Secure Parking until 2027, it was offered for sale three years ago and, with a different agency, 14 months ago.

The property neighbours the proposed Halo office, which Milligan has been proposing since before COVID.

Earlier this week, Melbourne based Cbus bought into that venture.

The car park is also near Justin Hemmes’ Merivale’s Ivy precinct and the Hunter Street Metro.

109 Pitt Street

Mr Richardson had agreements to potentially sell the site to developers proposing redeveloping airspace over the Hunter Street Metro.

One – with Brookfield in 2022 – was speculated to be worth c$70m.

It was planning a two tower office complex.

Milligan was also eyeing it – for $80m in 2020 – but never got to exercise and option.

Owning it would allow Halo’s lettable area to potentially double to c95,000 sqm.

Savills Harry George, Tim Grosmann and Andy Hu listed the asset last April.

Their deal reflects a 4.86 per cent passing yield.

“The campaign attracted strong interest from across all capital classes, particularly from high net worth individuals and family offices,” they said.

“These groups were drawn to the asset’s simplicity and secure income, underpinned by a lease to Secure Parking, Australia’s largest car park operator,” according to the agents.

Also this month, we reported Dexus selling 1017 car parks in the Melbourne CBD, part of the Flinders Gate office complex.

More to come.

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Lululemon will open a flagship West Australian store on the ground level of a Cbus Property office – abutting the Perth Underground and Murray Street Mall, in the CBD.

The fashion chain has committed to 447 square metres – being fit-out, set to open tomorrow.

It presently trades from Forest Chase at 200 Murray St, owned since ISPT since 1999.

“The addition of lululemon as anchor tenant represents a major milestone for the mixed-use precinct, reinforcing Cbus Property’s growing presence and reputation within the national retail market,” chief executive officer of the new landlord, Adrian Pozzo, said.

“As one of the world’s most recognisable athleisure brands, lululemon’s decision to move into 140 William St reflects the precinct’s unmatched location, connectivity and growing consumer base and builds on recent tenancies secured including renowned hospitality hotspot Light Years, which opened in April,” he added.

Cbus has held 140 William St since signing a development agreement for it with the state government in 2006.

The lease comes two years since we reported lululemon relocated its headquarters between rented offices in Melbourne’s inner north-east Collingwood.

Its outgoing space was then taken by Canva – which also switched its Victorian base within that suburb.

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