This article is from the Australian Property Journal archive
ACCORD Property Group is selling 88 Laurens in North Melbourne, with a price guide of over $100 million for the first commercial office development located within the much-anticipated Arden Precinct urban renewal project.
This brand-new office building represents a major milestone in the transformation of the Arden Precinct, a 13.5-hectare urban renewal project which is set to become Victoria’s biomedical, healthcare and life sciences hub.
88 Laurents is the first institutional grade office complex to come online when the new Arden Station becomes operational in June 2025.
Sale agents Cushman & Wakefield’s Leigh Melbourne and Nick Rathgeber are handling the sale.
“As the first major commercial development in the Arden Precinct, 88 Laurens is changing workplace design and investment expectations. Its strategic location and best-in-class features make it an ideal base for companies in the biomedical and life sciences sectors,” Melbourne said.
The 12-storey office tower comprises a total net lettable area (NLA) of 17,781sqm. The building is targeting a 5.5-star NABERS Energy rating and a 5-star Green Star Design rating. There is also 247 car parks and 162 bike spaces on site, set on a 2,678 sqm site.
Rathgeber highlighted the investment appeal of 88 Laurens saying “The building’s combination of cutting-edge design, sustainability features, and its proximity to key transport links and the Melbourne Biomedical Precinct makes it a unique opportunity for investors.
“With its potential for high returns and appeal to top-tier tenants, 88 Laurens is well positioned to capitalise on the precinct’s growth,” he added.
Rathgeber said the Arden Precinct is poised to become one of Melbourne’s most significant biomedical and life sciences hubs, fostering innovation and collaboration between leading global companies, universities, and research institutes. 88 Laurens Street is set to play a key role in realising that vision, providing a world-class workplace for businesses at the forefront of these industries.
The precinct will also include a vibrant community projected to support 34,000 jobs and house 20,000 residents by 2051.
The international expressions of interest campaign closes on Wednesday 20 November, 2024 at 4pm (AEST).
This listing comes as the commercial property market witnesses a rebound in transactions.
CRE transactions are forecast to increase by 11% to reach $44 billion in 2024.
