Investa funds acquires 567 Collins Street
Frank Lonetti 27 Feb 2013
Leighton Properties recently announced ASX-listed Investa Office Fund (IOF) and Investa Commercial Property Fund (ICPF), have jointly acquired 567 Collins Street for approximately $462 million.
567 Collins Street will be one of the largest PCA Premium Grade towers constructed in Melbourne in the last 25 years and will occupy a site of 3,942sqm with a 74m frontage to Collins Street.
Located between Spencer and King Streets the 26 level tower is almost 50% leased following the announcement of a major new lease to Leighton Contractors. Leighton Contractors will establish its Victorian head office across 12,700sqm of the campus component of the building.
They will join leading law firm Corrs Chambers Westgarth Legal who signed a lease in late 2012 for 8,800 sqm of the building’s skyrise.
Leighton Contractors commenced construction of the 55,000 sqm Premium Grade tower in January this year with expected completion in mid 2015.
Leighton Properties Managing Director Mark Gray said “567 Collins Street is creating overall shareholder value by leveraging the Leighton Groups core competencies in development and construction to create a five star premium building for Melbourne.
We moved quickly late last year to unlock the sites potential by redesigning the project to meet market occupancy requirements as well as to accommodate the Leighton tenancy, which was a key factor in attracting IOF and ICPF.”
Also commenting on the acquisition, Peter Menegazzo, Investa Group Executive and Fund Manager of ICPF said “we are very excited about partnering with Leightons on this project. They have done a wonderful job in designing a very high quality office building which will be their corporate headquarters in Melbourne. We look forward to its completion in mid 2015.”
Leighton Contractors Managing Director Craig Laslett said “the development will provide Leighton Contractors the opportunity to consolidate 600 employees from five separate locations into a single well-positioned Victorian headquarters. It’s also very pleasing to be constructing another iconic office complex for the Melbourne CBD."
The prime site is located in the heart of Melbourne’s legal, commercial, insurance, banking and finance precincts within 100 metres of Southern Cross Station and is central to the city’s three main activities districts - the CBD, Docklands and Southbank.
The 26 level development also provides excellent access to all forms of public transport, freeways, major road networks, childcare and retail amenity at the heart of the City’s burgeoning west end business.
The building includes a 2-3 level high foyer comprising a lobby, cafe and retail component, 7 levels of podium campus office and 16 levels of upper tower office with a net lettable area of approximately 55,000 sqm.
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Email Frank Lonetti