This article is from the Australian Property Journal archive
The Victorian State Government has put plans for a new $350 million Victoria Police headquarters on the backburner.
Victoria Police has decided to renew its lease at the SAITeysMcMahon owned 637 Flinders Street for a further five years to 2015 after its lease expires in 2010.
Victoria Police has been at 637 Flinders Street since 1995.
The Victorian Police Centre forms part of The World Trade Centre (buildings A, C and E). The buildings are interconnected and share three levels of parking.
Originally built in 1983, the property was extensively refurbished in 1994 and 1995 to accommodate the Victorian Police. The property boasts 23,050 sqm of space, parking for 340 cars and was purchased by SAITeysMcMahon in July last year for $71 million.
Meanwhile, it is believed that Victoria Police’s Crime Centre unit will also stay ING Office Fund’s 412 St Kilda Road.
Victoria Police currently occupies 16,285 sqm of space at the 22 level building and its lease is also due to expire in 2010.
The building provides office accommodation from levels six to 21 with above and below ground secure parking throughout level two to five for 174 vehicles.
The property was last valued at $38 million on ING’s books.
The leases at 637 Flinders Street and 412 St Kilda Road were arranged by the Victoria Government’s Finance Department.
The Government was in the market since October last year looking for a new 60,000 sqm complex for Victoria Police.
At one stage, sources told Australian Property Journal that Victoria Police was considering a new $350 million state-of-the-art headquarters at the former City Mazda site at 400 William Street, owned by developer Drapac.
By Nelson Yap and Kathryn O’Meara
