This article is from the Australian Property Journal archive
The GPT Group has found a number of tenants to fill the void left by the Australian Stock Exchange at 530 Collins Street, Melbourne.
In May this year, the ASX broke its lease at 530 Collins Street after calling it home for the past 15 years. The ASX cancelled its lease over 9,100 sqm, which was due to expire in March 2012.
The GPT Wholesale Office Fund owned property has signed the Port of Melbourne Corporation on Level 4 for 3,520 sqm for a period of 10 years and seven months commencing January 2007.
In addition, the fund has secured the Trust Company of Australia on part Level 3 over 2,040 sqm for a period of 10 years for occupation early next year.
Port of Melbourne Corporation and Trust Company of Australia will join St. George Bank, which has also recently commenced its fit out of 7,030 sqm on Levels 7 and 8 of the building.
St George have committed to part of the previous UBS tenancy along with the whole of level comprising 3,500 sqm until December 2016.
In total the fund has leased over 15,250 sqm of space in the past six months, including space leased to recruitment firms Sinclair Consulting for 180 sqm and Opie and Gough for 240 sqm on Level 37. AAPT also recently renewed their lease for 660 sqm on Level 5.
GPT is in the early stages of master planning the refurbishment of the entrance lobby, which will include the creation of ground retail space with street exposure to King and Little Collins Streets.
The works are expected to commence in mid 2007 and to be complete over a 12-month period.
GPT Wholesale Office Fund’s fund manager Martin Ritchie said approximately 2,000 sqm of retail space will be created to house a mix of quality food and beverage operators as well as service retailers to meet the needs of our office tenants.
Jones Lang LaSalle’s national leasing director Stuart Colquhoun said the recent leasing activity was very pleasing and that there was solid interest in the last remaining vacancies including 1,920 sqm Level 9 and 720 sqm Level 5 in the building and that the redevelopment would add to the attractiveness of the building to a variety of tenants.
“Redevelopment of the ground floor areas of 530 Collins Street will maintain 530 Collins’ amenity at the top of the Melbourne office market. With the added benefit of the ground floor retail, Collins Street frontage improvements and GPT’s commitment to improving the ABGR from 2.5 stars to 4 stars, 530 Collins Street will continue to be a well sought after location for office tenants in the coming years,” Colquhoun said.
By Adam Parsons
