Office Tower

<html><body>
Mirvac’s flagship Sydney commercial development, the EY Centre at 200 George Street, has won the SAS International Award for Best Office Development at the Property Council of Australia’s 2018 National Innovation &amp; Excellence Awards.  
Campbell Hanan, Mirvac's head of office and industrial, said they knew the the EY Centre was going to be an important building.
“We are incredibly proud that the hard work of the Mirvac team and our partners has been recognised with the achievement of this prestigious Property Council of Australia Award for the EY Centre," Hanan said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/14/EY3.jpg" alt="">
"From the project’s inception, we knew it was going to be an exceptional building that would make a significant contribution to the Sydney CBD community.
"This award is great recognition of the EY Centre and all of those involved in its development.” 
Mirvac worked closely with a number of partners to create the EY Centre and deliver one of Australia’s first ‘smart’ buildings.
Award-winning architects Francis-Jones Morehen Thorp (FJMT) designed a distinctively sculptural, 37-storey building that employs a world-first timber-and-glass closed cavity façade system giving it a unique appearance – an instantly recognisable structure defined by its shimmering, organic, golden-hued curves.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/14/EY2.jpg" alt="">
The building’s innovative sustainability credentials and world-class achievements contributed to its success, as the EY Centre has a string of Green Star ratings as well as a 5.5 Star NABERS Energy rating.  
It is also Australia’s first fully LED lit building, resulting in reduced power consumption costs, lower maintenance cycles and a reduction of landfill.
Automated timber blinds, combined with vertical timber shading elements and three layers of performance glazing, combine to create an advanced environmental skin.  
This unique system, the first of its type in Australia, adjusts to external factors and occupant preference.
Mirvac have their HQ in the building on level 28.
Their offices achieved Australia’s first Gold WELL rating from the International WELL Building Institute in 2017.
 
 
 
 
</body></html>

jrobinson-rf4aSBido9

Mirvac wins Best Office Development Award for EY Centre

<html><body>
GDI Property Group has moved to sell 50 Cavill Avenue following its completed refurbishment.
They have secured a 97 percent occupied office tower with lower leasing incentives than other major centres.
Comprising an NLA of 16,625sqm over 22 levels with 446 secure car parks, the tower is the Gold Coast’s largest A-grade office building.
It hosts many groups including but not limited to the Mantra Group, Regus, Nine Network Australia, Ray White Group, Bell Potter, PWC and McCann World Group, as well as CBRE’s Gold Coast headquarters.
Following its purchase of the tower in 2016, GDI Property Group completed several renovations, including new energy efficient air-conditioning, high speed destination control lifts, ground floor retail and end of trip facilities.
<img src="https://www.urban.com.au/images/2018/10/4/Cavs%202.JPG" alt="">
CBRE have an expressions of interest campaign for the corporate tower.
Investors are being told it offers both the benefit of continued rental growth and low future capex requirements given the limited competition of A-grade commercial space in the strengthening Gold Coast market.
CBRE advised there are no new significant projects in the pipeline.
Offers are due November 13.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Gold Coast's largest A-grade office building hits the market

<html><body>
Bank of China’s investment arm has shelled out $130 million to buy an office tower in Sydney’s Sussex Street with the intention of making it the bank’s headquarters.
Bank of China Global Investors finalised the purchase of 140 Sussex Street from Deutsche Asset Management last week, according to a report in the Australian Financial Review.
The report quoted Deutsche's head of acquisitions for Asia Pacific, Real Estate, Rahul Ghai as saying that Australia remained a key focus.
"We continue to remain committed to Australia.”
“In the last five years we have transacted close to $1 billion in Australia. We will continue to invest and at the right time divest on behalf of our clients,” he added.
CBRE’s Richard Butler, Mark Hansen and Sharon Yang brokered the deal.
Current anchor tenant, ING Australia, is moving out in May 2017. 
The site has 14 levels of ­office space and basement parking.
The Bank of China owns its building at 39 York Street but has been looking to expand into a better building. It will occupy around half of the 12,440-square-metre building, the AFR said. 
"We know that Bank of China looked for some time for owner-occupier premises. This building was perfect because of its car-parking and views and excellent condition," Butler said.
</body></html>

prateek24-ezbwHMbNAk

Bank of China buys Sydney office tower for $130 million as new headquarters

<html><body>
The Victorian government has approved a new commercial tower in the Melbourne Quarter precinct, set to be known as Melbourne Quarter Tower.
Planning Minister Richard Wynne’s gave his seal of approval to the 28 levels office tower, which will include around 55,000 square metres of office space and 2,500 square metres of retail space.
Located at 693 Collins Street, the project will be Lendlease’s second building in the area after One Melbourne Quarter, which is currently under construction.
Lendlease’s managing director for urban regeneration, Mark Menhinnitt, said Melbourne Quarter Tower will target a 6 Star Green Star rating and a 5 star NABERS energy rating.
He said the government’s approval showed confidence in Melbourne’s office market and the appetite for more environmentally efficient and technology-focused workplaces.
“Surrounded by a high concentration of leading national and global enterprises, we have seen a commercial shift towards this part of Collins Street at the heart of the Southern Cross precinct,” he said.
“Melbourne Quarter aims to set leading standards in environmentally sensitive and sustainable development, and aspires to be Melbourne’s greenest city precinct.
“The hero of the new precinct, the skypark, will complement Melbourne Quarter’s leading workplace design, offering workers the ability to re-charge or work outside the office, enhancing their health and wellbeing. This is a key trend in global workplace design.
“In addition to the skypark, a new public square on Collins Street will be at the heart of the precinct. Surrounded by cafes, bars and restaurants, this will blur the lines between workplaces and retail to create vibrant green spaces that maximise business efficiency.
“The precinct boasts a strong environmental focus, with more than half of the site dedicated to public open space and a 99% walkability rating to facilitate greener, healthier workplaces.”
</body></html>

jonathanchancellor-7SQnKwU6yx

Victorian government gives seal of approval to Melbourne Quarter Tower

<html><body>
Real estate investment trust Propertylink Group (ASX:PLG) said it has acquired an office building in Brisbane for $145 million, in partnership with Goldman Sachs.
The transaction for the commercial office building at 50 Ann Street reflects a core market yield of 8.18%. 
The acquisition was undertaken via an expansion of the Propertylink Enhanced Partnership (PEP) mandate with a 25% co-investment by Propertylink, the company said in an ASX announcement.
The property comprises a 25 storey building with a total lettable area of 25,519 sqm set on a 2,198 sqm site.
It has a prominent corner location within the tightly held northern ‘legal precinct’ of the Brisbane CBD.
The property is fully leased to the Queensland state government with a remaining lease term of 3.5 years. 
Propertylink’s head of Property, Peter McDonald said the deal reflected that Brisbane’s commercial market was showing signs of recovery and experiencing a turnaround in demand. 
Brisbane’s CBD has reported its eighth consecutive quarter of positive net absorption, with increased demand and limited supply expected to drive rental growth over the coming years, Propertylink said.
“The purchase of 50 Ann Street reflects Propertylink’s disciplined approach to the acquisition of assets, based on ground up fundamentals where there is capacity for us to execute our strong asset and property management skills to reposition these assets for core institutional ownership,” said McDonald. 
The team of Propertylink and Goldman Sachs now have transactions valued at more than $1 billion now after the latest acquisition.
Settlement of 50 Ann Street is expected in May.
“This acquisition is another key step in executing the growth of our investment management platform, bringing funds under management to $1.2 billion,” said Propertylink CEO Stuart Dawes.
Propertylink now has office assets valued at more than $725 million, of which 76% are located in Sydney.  
It said assets under management in relation to the expanded PEP mandate will increase to $293 million following completion of the Ann Street purchase. 
</body></html>

A-REIT Propertylink acquires Brisbane office tower for $145 million

<html><body>
Following the recent sale of the iconic Exchange Centre building at 20 Bridge Street for $335 million, its neighbour at 10 Bridge Street is also set to hit the market, through Savills.
Exchange House at 10 Bridge Street is being listed with price expectations of more than $130 million, following several off-market offers that prompted vendor Coweley Australia (part of ST Real Estate Group) to take the B grade commercial office to market. 
Last month, offshore investor Early Light International Ltd Group secured 100 percent interest in the <a href="https://www.urban.com.au/expert-insights/investing/72014-early-light-international-buys-exchange-centre-sydney-for-335-million" target="_blank">Australian Exchange Centre</a> for $335 million on a fully leased 4.5 percent yield.
The property is being marketed by Graeme Russell, Simon Fenn and Ben Azar of Savills Australia and Rick Butler and Josh Cullen of Inc RE. Simon Fenn and Ben Azar were also part of the Exchange Centre building.
As for the current listing, the 14-storey office building is fully leased with a Weighted Average Lease Expiry (WALE) of 3.5 years and a four star NABERS rating.
Graeme Russell of Savills said the building was stripped back to its core in 1997/98 and fully refurbished.
“10 Bridge Street is an iconic building in the heart of the city, adjacent to the Stock Exchange and offers a new opportunity to capitalise on the strong Australian market, in particular, the Sydney CBD,” he said.
“Just like 20 Bridge Street, we have already received a lot of unsolicited global and local interest in 10 Bridge and believe potential buyers will range from Hong Kong and Singaporean groups to large domestic private investors and a number of REITS.”
The property is 100 per cent leased with high-profile tenants including ASG Group, Kessler Financial Services Australia, Centrepoint Services and Boeing Australia Holdings.
The property is moments from Circular Quay, Wynyard Train station and the George Street Light Rail development and within close proximity to ANZ, Westpac, NAB, Commonwealth Bank and major hotel groups including The Four Seasons, Intercontinental, and the Marriott.
The property will be sold via an international expressions of interest campaign commencing in August.
</body></html>

Exchange Centre neighbour set for listing through Savills with $130 million expectations

<html><body>
Mercedes-Benz Brisbane, in a move for parent company Star Auto Group, has announced an upgrade for 300 Adelaide Street, with the building to be a mix of retail, restaurant and commercial tenancies in addition to its showroom.
The 22-storey building’s most notable upgrade would be a three-level glass podium fronting Adelaide St. 
The building will have a Mercedes-Benz Brisbane permanent pop-up showroom plus café and restaurant which will serve breakfast and lunch Monday to Friday and a dinner and bar offering on Thursday and Friday evenings.   
Mercedes-Benz Brisbane dealer principal Shane Parkins, who is overseeing the project, said the company had been searching for a “key position within the CBD to provide a touchstone point where existing and new customers can arrange a test drive and service bookings”, or just enjoy food and beverages. 
The group’s portfolio also includes a new 12,500 sqm Vans Service &amp; Parts centre at Eagle Farm, and is also currently building Australia’s largest Autohaus on Breakfast Creek Road, Newstead due for completion in 2018.  
Working with architects Cottee Parker, its design will reflect the great Autohaus’ of Europe with a car museum, showroom, restaurant and community event spaces. 
</body></html>

Mercedes-Benz Brisbane to upgrade showroom and building on Adelaide Street

<html><body>
An office building with Telstra as anchor tenant in Sydney CBD has been listed for sale. 
The 100% freehold interest at <a href="https://jagonal.com.au/office/building/NSW/Sydney/Sydney-CBD/Southern-CBD/Telstra-House#gallery" target="_blank">231 Elizabeth Street</a> comprises 15 levels of office space and two ground-floor retail areas.
The property is being marketed by Colliers International’s Vince Kernahan, James Barber and James Girvan and JLL’s Rob Sewell, Simon Storry and Paul Noonan on behalf of Glory Property II Investment Pty as The Trustee for Glory Property II Investment Trust. 
“The building’s prominent Hyde Park location, large efficient floor plates together with the repositioning opportunities will ensure strong participation from both local and off-shore capital,” Simon Storry said.
He added that leasing demand was above average over the past four years in the Sydney CBD, and this combined with the large portion of office withdrawals over the past 18 months has resulted in the vacancy rate trending down to 6.4% - the lowest level since 2008.
Colliers’ Vince Kernahan said the 2,300 sqm ‘A’ grade building would appeal to both investors and long-term developers because of the sound cash flow from one of Australia’s largest publicly listed companies (Telstra) and its location overlooking Hyde Park and the Sydney Harbour.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/29/Telstra2.jpg" alt="">
231 Elizabeth Street is on the corner of Elizabeth Street, Bathurst Street and Castlereagh Street, and offers direct undercover access to Museum Railway Station.
The property was completed in 1987, and underwent an $18 million refurbishment in 2010
The property is being sold through expressions of interest closing in late October.
The Singapore-based Chinese investment house Bright Ruby purchased 231 Elizabeth Street in 2013 from Investa Property Group and its main wholesale office fund, ICPF, added The Australian.
The tower could win bids around the $350 million mark from both offshore and local developers.
</body></html>

Telstra House in Sydney’s Elizabeth Street offered for sale 

<html><body>
Lendlease has lodged approval for a new precinct and office tower on George and Pitt street in the heart of Circular Quay.
The development application proposes a 55-storey premium grade office tower, Circular Quay Tower, with a mixed-use podium, retail-lined laneways and a new hospitality offering at Jacksons on George.
The proposal offers a range of public benefits with more than 45 per cent of the precinct dedicated to community infrastructure being delivered for the City of Sydney, including George Street Public Plaza, Rugby Place Public Plaza, a Public Cycle Facility, public art and a three-storey community building.
Mark Menhinnitt, managing director of urban regeneration, said the proposed design is a major win for Sydney as it looks to find new ways to reinvent spaces in the CBD.
“In collaboration with the City of Sydney and Foster + Partners, we have developed a scheme that opens the ground plane to create as much community infrastructure as possible,” he said.
“Circular Quay has long been a renowned attraction in Sydney. Our ambition for this project is to create a place that workers, visitors and the surrounding community love.
"We want to create a place that people are drawn to – from retail-lined laneways and public plazas to a landmark tower worthy of its prime location.”
World leading architect firm Foster + Partners was chosen to progress the design of the tower which could become Sydney’s tallest office building with 55 storeys and a height of up to 263 metres, with its architectural roof feature.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/30/CQT.jpg" alt="">
Gerard Evenden, senior executive partner at Foster + Partners, said they had considered everything in the design – from the tower’s scale and floorplates to the amenities and technology – to provide flexibility, connection and wellbeing for tenants’ workers.
“With many levels boasting spectacular views of Sydney’s landmarks, the tower will encompass functionally flexible open space floorplates that enjoy north facing workspaces,” said Mr Evenden.
The company’s sustainable approach to architecture aligns closely with Lendlease’s sustainability principles, with the entire precinct targeting 6 Star Green Star certification and a 5 Star NABERS Energy rating.
The development application, which is subject to approval by the Central Sydney Planning Committee, is now on public exhibition. Consent has been granted for the demolition development application for the site. Early works are underway with demolition expected to start soon.
In December 2016, Lendlease confirmed Ping An Real Estate and Mitsubishi Estate Asia as development partners.
 
</body></html>

Lendlease lodges application for new Circular Quay office tower

<html><body>
One of Melbourne’s office buildings, on St Kilda Road, has been sold off by the Myer family for about $77 million to an Asian group.
The eight-level office building at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502571830" target="_blank">312 St Kilda Road</a> was sold on a passing yield of 4.66 percent.
The buyer was Singaporean developer Tong Eng Group, Fairfax Media reported.
The group had earlier this year paid $116.3 million for another St Kilda Road tower at <a href="https://www.urban.com.au/expert-insights/investing/74478-singaporean-developer-tong-eng-group-buys-st-kilda-road-tower" target="_blank">5 Queens Road</a>.
The 312 St Kilda Road building has  9,854 sqm of commercial accommodation along with a major commercial car park.
The selling agents were CBRE.
It is leased to several global and long standing commercial office tenants and is close to Melbourne CBD
The building offers the potential for further growth and significant rent reversion as it is located in one of Australia’s top performing office markets. It has a 3.5 Star NABERS Energy Rating
</body></html>

Office Tower

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Office Tower

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News