ISPT Property

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ISPT Property and Brookfield's joint venture development at 405 Bourke Street officially commenced construction yesterday, and Urban.com.au was onsite to witness this significant milestone.

Taking place on level six of the existing car park that forms part of the first phase of the site's development dubbed The Foundry, 405 Bourke Street's launch event offered attendees a glimpse into the heart of the construction site with footing works in full swing.

Also in attendance were representatives from the development partners which included Brookfield's Managing Partner Sophie Fallman, Brookfield's Head of Development (Australia) Carl Schibrowski,  ISPT CEO Daryl Browning plus Matthew Kandelaars,The Property Council of Australia's Acting Victorian Executive Director.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/20180828_102444.jpg" rel="gallery-all" title="L-R: Matthew Kandelaars (PCA), Daryl Browning (ISPT), Sophie Fallman &amp; Carl Schibrowski (Brookfield)"><img alt="" class="image-article-full-width-580px" height="428" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/20180828_102444.jpg?itok=VKNRSu6c" title="L-R: Matthew Kandelaars (PCA), Daryl Browning (ISPT), Sophie Fallman &amp; Carl Schibrowski (Brookfield)" width="580"></a>

<figcaption>L-R: Matthew Kandelaars (PCA), Daryl Browning (ISPT), Sophie Fallman &amp; Carl Schibrowski (Brookfield)</figcaption></figure>Designed by Woods Bagot, 405 Bourke Street will eventually stand as a 39-storey building which encompasses 31 levels of A-Grade office accommodation. A side core configuration has allowed for 66,491 square metres of net leasable area, supported by three levels of retail and 177 car parking spaces.

ISPT Property acquired a 50% stake in the development - which will also feature a north-south retail laneway linking Bourke Street and Little Collins Street - in December 2017.

The development partners have already secured NAB as the anchor tenant, who committed to a minimum of 43,000 square metres of space, with an option to occupy the balance of floor space. NAB's flexibility option has yet to be acted upon.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/405_b_site_panorama1.png" rel="gallery-all" title="On site at 405 Bourke Street. "><img alt="" class="image-article-full-width-580px" height="312" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/405_b_site_panorama1.png?itok=QxbpMINM" title="On site at 405 Bourke Street. " width="580"></a>

<figcaption>On site at 405 Bourke Street.</figcaption></figure>While official construction on the "transformative commercial project" was celebrated yesterday, ground works have been in motion over recent months. A major construction marker will occur this Thursday with a raft slab pour planned; 800 cubic metres of concrete - the equivalent of 200 concrete trucks - will form the major foundation point for the tower.

Typical office floors will be supported by steel-framed structure over the alternative concrete column and floor format. Another challenge looms in the form of the cantilevering floor plates 48 metres above ground, jutting over the adjacent 399 Bourke Street. 

405 Bourke Street is scheduled for completion in March 2021.

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