V/Line chooses Dexus’ 452 Flinders Street for HQ

V/Line will relocate its Melbourne headquarters from Docklands to 452 Flinders Street, in the CBD.

The rail operator has signed a lease for 5972 square metres within the Dexus-owned building, between the Flinders Street and Southern Cross train stations.

V/Line will relocate from the GPT-owned 750 Collins Street.

Colliers International’s Zak Seccull, Andrew Beasley and Edward Knowles represented Dexus.

Landlord Dexus Wholesale Property Fund recently refurbished the entrance foyer with break-out areas and a cafe.

The brokers said that three recent lease deals totalling more than 8000 sqm have taken 452 Flinders Street to full occupancy.

“V/Line is relocating from 750 Collins Street, expanding into bigger, newly fitted out premises on a long term lease,” Mr Seccull said.

IT company Mantel Group, meanwhile, is leasing 987 square metres as its first official headquarters. Mantel Group will relocate from a co-working space, Mr Seccull said.

New floors were installed as part of the fit-out of the 452 Flinders Street foyer.

Another lease, to an undisclosed tenant, has been struck for 1100 sqm on level 17.

The landlord, Dexus Wholesale Property Fund, made improvements to the building in January including extending end-of-trip facilities.

Mr Seccull said Dexus also invested in a new lobby, designed by Architectus, with new finishes, flooring, feature lighting, breakout areas, meeting pods and a café.

“The lobby refresh will reorient the building’s entry towards Flinders Lane in a move that will make it more pedestrian friendly,” Mr Seccull said.

Mr Knowles said the western end of Melbourne’s CBD is now “well and truly on the radar of office occupiers”.

V/Line will relocate from the GPT-owned 750 Collins Street office, which has been leased to Monash University.

“The emergence of commercial and retail offerings at 447 Collins Street, the Rialto regeneration and 477 Collins Street combined with significant development along Flinders Street and proposed developments near the World Trade Centre and Northbank precinct, has meant that tenants which might have previously have only looked at Collins and Bourke Streets are now expanding their focus in their search for premises,” he said.

“V/Line in particular was attracted to this space at 452 Flinders Street for its close proximity to Southern Cross and Flinders Street train stations. In particular, given the growth of Geelong and Melbourne’s western suburbs, the new location will provide easy access for attracting and maintaining staff from those areas.”

The office V/Line is relocating from, 750 Collins Street, has been leased to Monash University.

Dexus paid Stockland $201 million for 452 Flinders Street in 2001. Rising 22-levels, it includes 38,317 sqm of A-grade lettable office area and a three-level basement car park.

Dexus is at present constructing a 20,200 sqm office at 180 Flinders Street, opposite Federation Square.

Last week, it confirmed it was acquiring four neighbouring commercial assets at the north-west corner of Collins and Exhibition streets from QIC for $1.476 billion.

Eight months ago the property investor paid $230 million for two adjoining office buildings at 52 and 60 Collins Street, on the north-east corner of Exhibition Street.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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