Law Firm Ashurst Leases Sydney CBD Office Space

A MAJOR leasing deal for an historic office building known as the “money box” may result in additional levels being added at the centre of Sydney’s banking district.

International law firm Ashurst is reportedly in advanced negotiations for 16,000 square metres of space at the 5 Martin Place office building (pictured, right), once occupied by the Commonwealth Bank.

The $450 million development is co-owned by the Commonwealth Property Office Fund (CPA) and industry super fund Cbus. The addition of nine additional levels in the Sydney CBD is expected to take about 2 ½ years to complete, according to the AFR which reported the Ashurst lease.

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WA Government Announces Treasury Building Redevelopment, Perth

The West Australian government has announced a $580 million redevelopment of Perth’s old Treasury building. The redevelopment will include a 35-level office building, most of which will be leased back to the government, a hotel, library and public plaza. It will however include the demolition of adjacent Law Chambers buildings. Mirvac and CBus Property have

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CBUS Property Buys Former North Brighton Croquet Club

CBUS Property, a subsidiary of industry superannuation fund CBUS, has seized control of one of bayside Melbourne’s most controversial development sites – the disused North Brighton Croquet Club, in Warleigh Grove.

CBus, which represents workers in the construction and building industry, has paid $18.6 million for the 9015 square metre site and, having grabbed the mallet proverbially, immediately pitched plans to build a high-end, high-density residential complex with flats and townhouses.

The completed product could have an end value of more than $150 million, sources speculate, making it one of the biggest projects to start construction in Melbourne’s bayside suburbs.

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CBUS to Build New NAB Office at Docklands

DEVELOPER CBus Property has secured the National Australia Bank as tenant for an as-yet-undeveloped office in Docklands.

The 61,000 square metre, 15-level tower is set to be developed at 700 Bourke Street, and near National Australia Bank’s world headquarters, on Victoria Harbour (at 800 Bourke Street) which it first committed to a decade ago.

The new building will also include a child care centre, and retail, according to a CBUS media release, and published on the Melbourne Docklands website.

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CBUS Buys Half Share in 171 Collins Street Development

171 Collins StreetAS 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.

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