Lendlease steps in on One Melbourne Quarter
With preliminary construction works underway, Lendlease have completed the sale of their first offering within the multi-towered Melbourne Quarter development.
Announced yesterday was the sale of the precinct's first commercial tower to Lendlease-managed affiliate, Australian Prime Property Fund Commercial. The transaction comes at a point of near full tenancy for the commercial tower dubbed One Melbourne Quarter.
Upon completion, initial signatory Arup will also be joined by Lendlease within the 13 level commercial tower, with the latter absorbing four floors across the Denton Corker Marshall-designed, 26,400sqm complex.
Updated project renders accompanying yesterday's announcement also better highlight the tower's activated frontage to Collins Street, perhaps the project's single biggest positive.
What they say
The sale of this building brings the vision of Melbourne Quarter to life and will drive increased momentum for the project. We continue to witness the city shift its commercial centre west along Collins Street, with many leading national and global enterprises already having made the move. It’s a very exciting time for the project.
As we did with our global head office move to Barangaroo in Sydney this year, we will be consolidating our Melbourne offices to bring our Victorian people together at One Melbourne Quarter in 2018.
Kylie Rampa, Chief Executive Officer for Property, Lendlease
We are delighted to provide our institutional investors access to this exciting integrated precinct, which will offer unique public space, including Melbourne’s first Skypark, and direct access to a variety of transport options.
The investment is consistent with APPF Commercial’s strategy to up-weight into efficient, sustainable and people-centric buildings, and complements the Fund’s recent acquisition of Darling Square and its interests in International Towers One, Two and Three at Barangaroo in Sydney.
Josh McHutchison, Managing Director of Australian Investment Management, Lendlease
As the last vacant site fronting Collins Street within Batman's Hill, One Melbourne Quarter's frontage has been amped up.
Passers-by will be greeted by a cavernous entry to the precinct, defined by a Sky Park perched above Collins Street. 980sqm of retail space will also bolster Batman's Hill's retail offerings, complimenting the neighbouring Collins Square retail zone.
Melbourne Quarter will also include 106 car parking spaces and extensive cycle facilities while targeting a 6 Star Green Star Design and As Built rating plus a 5 star NABERS energy rating.
One Melbourne Quarter is the first of seven commercial and residential buildings destined for Lendlease's Melbourne Quarter. Future offering within Melbourne Quarter include 681 Collins Street which is at planning and encompasses 55,000sqm of commercial space, and multiple approved residential towers with 1,600 plus apartments in the pipeline.
The total value of the precinct weighs in at $2 billion.