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Laurence Dragomir's picture

My idea was better

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theboynoodle's picture

Yawn - let's all move to Adelaide

Of course, an asset manager will be keen to talk up his book and try and get people to consider locations with more upside for him. But companies pay Melbourne and Sydney CBD rents because they want to be able to access the sorts of workers who want to live in Melbourne and Sydney. Payroll is a much bigger cost than rent - so it's better to maximise the return on the former, rather than minimise the outlay on the latter.

And these people don't want businesses to move to get cheaper rent. They want businesses to move to push up rents so that they're not cheaper any more.

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Mark Baljak's picture

Myer vows to halve office space or move out of Melbourne headquarters

Myer is looking to either halve its office space at its 800 Collins Street headquarters or move out — as the company looks make savings.

“Both options will lead to a significant cost reduction in our rent bill,” a Myer spokesperson said.

“All costs that are not customer focused are being reviewed.”

The company is looking to reduce the number of floors it occupies in the building from six down to three or find a new space for its headquarters.

“We have to put the customer first — in every decision we make and every action we take,” the spokesperson said.

“As such, we are looking to further downsize the support office or, if that is not possible, to find a more viable premise for Myer’s head office.”

Myer’s lease at its Docklands office does not end until 2022, but the retailer has indicated it is open to moving up to 20km out of the city to get a better deal on its rent.


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Mark Baljak's picture

Zone Q embarks on major makeover on Flinders Street

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

China-backed developer Zone Q has launched an ambitious plan to transform the home of Victoria Police in Melbourne into a $280 million asset after picking up the building for less than half that amount earlier this year.

Zone Q is the Australian arm of Chinese player JiaHe JianAn Group. It has become increasingly busy since its debut in Perth five years ago with the launch of a 20-storey apartment tower with 102 apartments.

In January, Zone Q swooped on a major office tower on Flinders Street in a $122 million acquisition from Sydney-based fund manager and adviser Anton Capital.

On the southern flank of the CBD, 637 Flinders Street is entirely tenanted by the police force, which is due to leave in 2020 to occupy a new home being developed by Cbus Property on Spencer Street.

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

Anton had picked up the Flinders Street building four years ago, as part of a portfolio of assets it acquired from Morgan Stanley's Arena portfolio before putting it on the market early last year.

There is plenty of upside in the Flinders Street building with its new owner bringing in Cox Architecture for a wide-ranging transformation which will retain most of the existing building while adding winter gardens, terraces and a communal rooftop.

The 14-storey tower sits on a 4,200 square metre site in a small corner of the CBD on the north bank of the Yarra, next to Docklands.

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Nicholas Harrison's picture

Just demolish the steaming pile of... and start again from scratch.

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redden's picture

A search for "Vibe Hotel" only finds the one in Sydney, so I'll post this here. Is there a "hotel" thread? Anyway, 1 Queen Street is progressing.

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

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redden's picture

276 Flinders

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

A 2nd crane was going up yesterday on the Flinders Gate car park redevelopment.

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

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redden's picture

The building next to 350 William (Art on the Park/Oaks) is being demolished. It's an Ubertas project, and Archi, on SSC, says that they are planning a 30L hotel.

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

COMMERCIAL | News & Discussion, Concepts & Unbuilt Projects

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Melbourne Oracle's picture

Probuild awarded 510 Church Street, Cremorne.

Personally cannot wait to see this one get up! I hear Dentsu is the major tenant here.

To know a little, about alot.

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redden's picture

Central city tunes in for another 457-room hotel

By Simon Johanson
March 9, 2019 — 12.00am

Malaysian accommodation operator Tune Hotels has gained planning approval to knock down a two-storey building in Melbourne’s Flinders Lane and replace it with dual hotel and serviced apartment towers.
The approved plans show a building stretching half a city block with a smaller 24-storey tower fronting Flinders Street and a larger 30-storey tower at 539-545 Flinders Lane.
The combined hotel offering will have 457 rooms alongside 80 serviced apartments.

Parts of Flinders Lane are home to some of the city's hippest restaurant, cafe and music venues.
Eddie Jim
Tune and its partner Plato Capital swooped on the site in 2016, buying it from NM Computer Services for $19.9 million.

Tune’s Singapore-based chief executive, Mark Lankester, told The Age and The Sydney Morning Herald the final structure will be occupied by two different hotel brands, one mid-scale and the other upper-scale.
Tune expects construction to start in 2020 or 2021.
“We will be developing and operating it, it just won’t be done under the Tune Hotel brand,” Mr Lankester said.
“We’ve got the permit. Now the hard work begins.”
The budget hotel operator runs 11 Tune-branded venues in Malaysia and has a similarly branded hotel in Gujerat, India, and another in Liverpool in Britain.

A wave of new hotels are being proposed or built in central Melbourne as developers switch focus from the struggling apartment sector which has seen plummeting sales.
Parts of Flinders Lane are home to some of Melbourne's hippest restaurant, cafe and music venues. The once-grungy, late-developing, west end is experiencing a renaissance with boutique office makeovers and hotel conversions.
Nearby to Tune’s project, developer Paul Little last year struck a deal with Hyatt Hotels to occupy a 280-room Hyatt Centric hotel at 9-27 Downie Street off Flinders Lane in the south-west corner of the CBD.
Little’s Architectus-designed venue will be the first Hyatt Centric in Melbourne and only the second in the country.
Industry data provider STR’s January figures show Melbourne’s hotel supply grew 4.2 per cent during the first month of the year. Demand also rose, up 1.5 per cent, but occupancy was down 2.6 per cent to 78.6 per cent.

A key industry metric, revenue per available room, was also slightly down at $159.57.

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Quigley Young's picture

It's great that the city is becoming so beautiful and more and more beautiful buildings are being built. It is also pleasing that small and medium-sized businesses are developing. I am planning to open a bakery, looking for premises for it, as well as a name for my brand.

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