CBA Leases 8500 Square Metres at 357 Collins Street, Melbourne

COMMONWEALTH Bank of Australia has leased 8500 square metres of refurbished office space within the Collins Street building that once acted as Melbourne’s stock exchange.

The lease, for levels 6 to 10, are for an initial 10-year period. CBA is paying rent of $385 per square metre, per annum, presumably prior to incentives (discounts offered off this “face” rent, common in most CBD leases nowadays).

Australand purchased the vacant building from Asian investors last year, which failed to relaunch the building as an apartment project. Sources say that residential conversion would never have worked given the building only has a handful of car spaces.

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Non Bank Tenants to Occupy Melbourne CBD Building For The First Time

NON-bank tenants will fill a historic city office building at 287 Collins Street for the first time.

ANZ Bank sold the building (pictured, right) to Brisbane-based Australian Property Growth Fund for $30.5 million in August 2007, but remained an office tenant until 2009 while its new Docklands headquarters was under construction.

APGF has almost finished refurbishing the 10-storey, 5280 square metre office which was built in about 1940 and previously known as the ANZ Royal Bank Chambers.

Leasing agents Colliers International and Savills are marketing the building with asking rents of about $350 per square metre, per annum, before any incentives (a lure offered to tenants, often in the way of a rental discount, or a contribution to office fit-out).

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Sunsuper Pays $108 Million For 330 Collins Street, Melbourne

SUPERANNUATION giant Sunsuper has paid a reported $108 million for Melbourne’s 330 Collins Street office building (right).

The 17-level renovated building, which made headlines when a previous owner found asbestos while undertaking a renovation, includes 18,337 square metres of net lettable area.

A lot of the sites value is in its ground floor tenancies – on the corner of Collins and Elizabeth streets – both expensive retail thoroughfares in the Melbourne CBD.

 

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Thakral Sells Collins Street Hotel and Shopping Centre For $200 Million

LaSalle Investment has paid a speculated $200 million for the Novotel hotel on Collins Street, and neighbouring Australia on Collins Shopping Centre. Thakral Holdings offloaded the assets, after late last month withdrawing two other assets, in Queensland, from sale. Those assets were also expected to reap the company about $200 million. For LaSalle, the transaction

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Lend Lease to Build Strata Office at Melbourne’s Docklands

SYDNEY based developer Lend Lease is set to develop a strata office building in Melbourne’s Docklands.

The $70 million project – Lifestyle Working Collins Street – will measure 9500 square metres and include 137 suites ranging in size between 48 and 123 square metres.

The complex, with a street address of 838 Collins Street, will include shared meeting spaces for occupants to share.

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APBC Reaps $12.5 Million From 480 Collins Street Shops

480 Collins StreetASIAN Pacific Building Corporation has pocketed $12.5 million from the sale of nine city shops, at the ground floor of the Oaks on Collins serviced office and serviced apartment building, at 480 Collins Street.

Only two of the retail investments had frontage to Collins Street, both of which are leased to Oaks.

The remaining shops – basically trading as a drinking, dining and food hall – sold individually to private investors, according to CB Richard Ellis selling agents Mark Wizel, Sebastian Drapac and Max Cookes.

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Motor Accident Commission of SA Reaps $28 Million From Melbourne CBD Office Sale

356 Collins StreetSOUTH Australia’s Motor Accident Commission has reaped a speculated $28.4 million from the sale of a Collins Street office building it has owned for almost twelve years.

Based on the building’s annual rental income of $2.1 million, the 38-year old, 17-level building at 356 Collins Street sold on a yield of 7.5 per cent, a tightening of about 1 per cent on the average yields this time last year, reflecting a strengthening in the CBD office sector.

The 7211 square metre building is considered to be in Collins Street’s best pocket, a block from the Flinders Street Station, Bourke Street Mall and Swanston Street.

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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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APBC to Sell Retail Component of 480 Collins Street, Melbourne

AFTER paying GIO $16.5 million for 480 Collins Street, and then converting the building into a serviced office and apartment complex, Asian Pacific Building Corporation – owned by establishment family the Deagues – are selling the development’s strata titled ground floor retail component.

APBC can expect to make about $11 million from the portfolio of nine fully leased shops, returning between $32,000 and $87,000 in annual rent.

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Bank of Cyprus Leases 1000 Sq m at Rialto

RialtoTHE Bank of Cyprus has leased about 1000 square metres of space at the luxurious Rialto skyscraper, moving from tired offices at 459 Collins Street.

A spokeswoman confirmed the lease, saying the international bank planned to move into the new and larger headquarters shortly after a fit-out.

The landmark Rialto tower, formerly wedged at the “western edge” of the CBD – now finds itself at about the city centre, if you factor Docklands as part of the central business district.

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