Big banks have big investments in CBD office space in Melbourne and Sydney

Big banks have big investments in CBD office space in Melbourne and Sydney
Big banks have big investments in CBD office space in Melbourne and Sydney

As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.


Along with their booming profits and market dominance, Australia’s four biggest banks have collectively invested about $2 billion dollars in new office developments in Melbourne and Sydney.

ANZ and NAB are already comfortably settled into state-of-the-art and gargantuan headquarters in Melbourne’s Docklands precinct while CBA recently took occupation of new $500 million premises in Darling Quarter on the western fringes of the Sydney CBD.

Currently under construction is NAB’s second Docklands office block at a cost of $400 million featuring 64,000 square metres of floor area, and the Commonwealth Bank will take up to a third of a new tower being built in the Melbourne CBD on Collins Street.

Not be left out Westpac has committed to taking up residence in a new $105 million office building mooted for the Paris end of Collins Street due to be developed by Grocon and APN Property Management.

Here’s a look at the office projects the major banks have invested in, starting with projects already completed and occupied by banking staff:

Commonwealth Bank

Name: Commonwealth Bank Place (redeveloped former Sega World site)
Location: Darling Quarter, western CBD fringe, Sydney
Cost: $500 million
Space: 56,000 square metres over two eight-storey buildings
Number of staff: 6,200
Environmental rating: Six green star rating for its design and a five-star NABERS energy rating. CBA is also aiming for a six green star “as built” rating.

Standout feature: The building is designed to promote activity-based working. Teams are assigned a primary working space called a “home zone”. In the home zone, personal lockers are provided for storage. Home zones are dotted with stylish open breakout rooms, collaboration spaces or designated meeting areas.



National @ Docklands

Number of staff: 3,900
Environmental rating: NABERS Energy Rating of 4.5 star (five stars with Green Power)
Developer: Lend Lease
Architect: Bligh Voller Nield

Standout feature: It has no individual offices. Each building has large open floor plans and a central atrium. NAB employees were consulted on the design of workstations design and selection of chairs.  800 Bourke Street is one of Australia's inaugural green buildings and was designed and built before the introduction of the green star ratings tool. In 2005 it won 2005 Banksia - Leadership in Sustainable Buildings Award.



Name: ANZ Centre
Location: 833 Collins Street Docklands, Melbourne
Cost: $512 million
Space: 86,000 square metres
Environmental rating: Six green stars for office design
Developer: Lend Lease
Architect: HASSELL and Lend Lease design
Awards: named Victorian Development of the Year at the Property Council's 2011 Innovation and Excellence Awards.


Standout feature: The building produces 70% less greenhouse gas emissions, generates much of its own electricity using the on-site gas-fired tri-generation plant, solar cells and wind turbines and uses about 50% less potable water than a standard Australian commercial building.




Under construction


Name: Docklands 2
Location: 700 Bourke Street, Docklands, Melbourne
Cost: $350 million
Space: 63,000 square metres across 14 floors
Number of staff: 5,900
Environmental rating: Six star green star, five-star NABERS energy rating
Developer: Cbus Property
Architect: Woods Bagot
Due for completion: Mid-2013

Standout feature: Besides its unique design built on a triangular site, the building will include a childcare centre, concourse level retail, a public auditorium and accessible public throughways.


Commonwealth Bank

Location: 357 Collins Street
Space: 30,000 square metres of office space over two towers, one third to be occupied by CBA
Developer: Australand
Environmental rating: Five-star NABERS rating and four green star rating targets
Due for completion: October 2012




In the development pipeline


Location: 150 Collins Street

Cost: $105 million
Space: 20,000 square metres of office space over 10 levels
Environmental rating: Six green stars for office design and five-star NABERS rating

Developer: APN Property and Grocon 

The proposed site for the tower is currently occupied by an Art Deco multi-level car park behind the historic Scots Church on the corner of Russell and Collins streets.






Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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