This article is from the Australian Property Journal archive
After a stint of 15 years at General Property Trust’s 530 Collins Street, the Australian Stock Exchange is set to move back to the heart of Melbourne’s financial corridor.
Last week, the ASX said the move is inline with its Profit and Loss Drivers Review conducted in May last year.
The move will see the ASX break its lease agreement with GPT, which is due to expire in March 2012.
The ASX currently occupies 12,828 sqm of space in 530 Collins Street, however, it is expected that the ASX will occupy as little as 500 sqm at its new premises, expected to be officially announced this week.
“ASX advised it was seeking to reduce annual occupancy costs by 2008 while still maintaining its network of interstate offices. ASX remains committed to achieving its targeted premises savings of $4 to $6 million per annum by 2008.
“The ASX staff will move to smaller premises in Melbourne’s CBD,” the statement said.
The ASX will incur an after-tax expense of approximately $7.2 million arising from this agreement, however, is expected to benefit with yearly occupancy cost savings.
Meanwhile, the move out of 530 Collins Street will be more bad news for GPT.
The 68,000 sqm, 38-storey office tower is set to lose its major tenant, the ANZ Bank in November 2009.
The ANZ Bank is currently in negotiations to build an 80,000 sqm campus style office accommodation at Melbourne’s Docklands precinct.
The ANZ Bank currently represents 46% of NLA at 530 Collins Street.
Meanwhile, in Adelaide, the ASX has relocated its offices and will soon relocate its Brisbane office to smaller premises.
By Nelson Yap
