$300 Million Docklands Office Quietly Being Marketed For Sale

717 Bourke Street, DocklandsDOCKLANDS unluckiest office building has been quietly listed for sale.

The 717 Bourke Street office – and soon-to-be home of Channel Nine – is expected to sell for between $280 million and $300 million, reflecting a yield of about 8 per cent.

Last November, education service provider, and a reported minority owner of the building, Global Campus Management, went into voluntary administration, surrendering a 17,000 square metre lease over almost half of the building. That space was to have been occupied by French fashion school ESMOD.

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Docklands Next Retail Strip Taking Shape

THE inner-city’s next retail strip is slowly taking shape in Docklands.

Equiset, the development company owned and managed by the Grollo family, has filled about 1800 square metres, or six stores, at the ground level of Village Street, a thoroughfare connecting Bourke and Collins streets.

The western side of Village Street includes the 12-level A-grade office building that is now home to National Foods. The eastern side of the street, is the Goods Shed building, which is currently being refitted into boutique office space.

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Victorian Government to Hand Over One of Melbourne’s Largest Undeveloped Central Sites

THE State Government of Victoria is formalising a plan to redevelop one of central Melbourne’s largest undeveloped sites, at the riverfront junction the CBD merges with Southbank and Docklands.

Between the Mission to Seafarers building at the corner of Wurundjeri Way and Siddeley Street, and stretching almost the length to the Charles Grimes Bridge, the massive 1.24 hectare site, accommodating old industrial sheds in a precinct called Flinders Wharf, has a 230 metre frontage to the Yarra River.

A Registration of Interest campaign was quietly launched by the government this week, seeking advice from consultants and developers to propose a new future for the site, likely to incorporate offices, shops and apartment towers, possibly with a component of affordable and social housing.

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Lucas Real Estate Buys MAB Corporation’s Metro Real Estate Business

DOCKLANDS focussed real estate agency Lucas Real Estate will trade from a second shopfront in the waterfront precinct, and double its rent roll, after paying MAB Corporation an undisclosed sum – speculated to be millions of dollars – for its lucrative Metro Real Estate business. Lucas Real Estate will take over sales, leasing and management

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MAB Corp to Sell Prominent Docklands Restaurant

ONE of Dockland’s distinctive “waterfront pod” restaurants will be sold.

MAB Corporation is selling the glass two-storey building currently trading as the Berth restaurant and bar, with a street address of 45 New Quay Promenade, in the New Quay precinct of Docklands.

Berth currently pays $360,430 per annum to occupy the restaurant, and is committed to a five year lease, with three further options, giving it a wide berth to stay until 2030.

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Billionaire Lang Walker Snares ATO as Docklands Tenant

Lang WalkerTHE Australian Taxation Office has pre-committed to an unbuilt 38,000 square metre office building in Melbourne’s waterfront Docklands precinct.

Billionaire Sydney-based developer Lang Walker will build the $250 million office, which will be substantially bigger than the ATO’s original 25,000 square metre requirement. The ATO also operates from offices at Casselden Place, expiring 2017, and La Trobe Street.

It’s hoped the ATO building will start a development boom within the Village Docklands precinct, and within the wider Docklands area.

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Docklands Southern Star Observation Wheel Almost Dismantled

DECONSTRUCTION of ING’s Southern Star Observation Wheel is almost complete. An ING spokeswoman told The Age Gain all outer spokes have now been detached from the former 120-metre high structure, and that the inner-rim should be dismantled by Christmas. Reconstruction work is anticipated to start next year, ING said.  The new Winter Olympic Institute of Australia, and

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Global Campus Management Administration Leaves Half a Docklands Office Building Vacant

ALMOST half of an unfinished Docklands office building will be offered for lease, after education service provider Global Campus Management – which agreed to lease space at 717 Bourke Street to accommodate fashion university ESMOD – went into voluntary administration last Thursday.
ESMOD was to have occupied 18,000 square metres of the distinctive 37,000 square metre building which will also be home to petroleum giant BP upon completion in July next year.
GCM is a minority shareholder in the Bourke Street building, on the south-west corner of Wurundjeri Way, which was developed by Babcock & Brown and architect Metier 3.

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More Than 10,000 White Collar Employees to Move to Docklands, Next 12 Months

TRAMS are being tested, and public transport users have less than a week to wait for the opening a new route connecting Collins Street to Merchant Street, an inland retail strip and a major part of Melbourne’s $12 billion Docklands redevelopment.
Merchant Street will connect the global headquarters of National Australia Bank, on the shores of Victoria Harbour, to the $620 million headquarters of ANZ Banking Group, which is nearing completion, on the banks of the Yarra River.
More than 10,000 white collar employees will relocate to Docklands over the next year, Knight Frank leasing agent Mark Rasmussen said, including staff from BP Australia, Fairfax Media, Myer, the Victorian Building Commission and VicUrban.

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Austexx to Retain South Wharf Office, Docklands, For Now

Developer Austexx has decided to retain ownership of a Docklands office building it is building on South Wharf Road, after a lengthy marketing campaign failed to fetch the speculated $160 million Austexx wanted for the asset.

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