This article is from the Australian Property Journal archive
BRISBANE based developer and investment group Austcorp is looking to feed the tenant appetite for Melbourne's Docklands precinct with a new $42 million office building.
Austcorp has bucked the trend by pushing ahead with the construction of its seven level landmark office building in Melbourne’s Docklands – without a tenant precommitment.
The property is located at 370 Docklands Drive on the corner of Harbour Esplanade, in the New Quay area of Docklands. The property is also within walking distance to Southern Cross station and a tram stop located opposite providing a fast link to Bourke Street.
The A-Grade office building has a 4 Star Green rating and 4.5 ABGR. The property has 7,200 sqm of space with large office plates, with four upper level offices and two levels of car park with 140 bays. In addition, the ground floor will feature some 850 sqm of space for retail and office showrooms.
The project is a joint venture with Yarracity Pty – a Riverside Group Company and the building is designed by Cox Architects with large office floor plates.
Leasing agent Knight Frank’s Mark Rasmussen said property is expected to be completed by early next year.
Rasmussen said Austcorp has decided to press ahead with the construction of the property because the timing of the development has been designed to fit with the predicted undersupply office space in Melbourne in early 2008.
According to the Property Council’s recent Office Market Report, the vacancy rate in Melbourne’s Docklands is the tightest of all locales.
Melbourne’s Docklands vacancy stood at 1.3% as at January 2007 down from 2.1% from July 2006.
In the six months to January 2007, approximately 16,056 sqm of space was absorbed.
Melbourne’s Docklands is fast transforming into the location for several corporate headquarters including ANZ Bank; National Australia Bank; National Foods; Fairfax’s The Age and Ericsson.
Australian Property Journal
