This article is from the Australian Property Journal archive
CREATIVE construction company McConnell Dowell has signed on to 3,500sqm of Charter Hall’s 480 Swan Street commercial development in Melbourne’s fringe suburb of Richmond.
McConnell Dowell will relocate its current operations at 109 Burwood Road in Hawthorn to the 32,000sqm development in Richmond, around 3km east of the CBD, neighbouring the Burnley Railway Station.
Ed Hill, tenant representation director at JLL Melbourne, negotiated the lease between the parties.
Charter Hall’s $460 million development will be fully electrified and target a 6-star Green Star rating, with Australia Post pre-committed as the asset’s anchor tenant, as one of the first multi-billion dollar enterprises to exit Melbourne’s CBD in favour of the fringe and suburbs in the wake of the COVID-19 pandemic.
“There is a significant driver to deliver a workplace that provides exceptional accommodation for staff, encouraging them to come into the office. Additionally, meeting the business requirements as well as the tenant’s environmental and sustainability aspirations,” said Hill.
Hill noted McConnell Dowell had been seeking out an office in Melbourne’s Inner East that included quality staff amenities in a location that met the strategic and operational requirements of the business.
“We look forward to welcoming McConnell Dowell to 480 Swan Street in Richmond, a thriving suburb of Melbourne with exceptional lifestyle amenities, restaurants and cafes,” said Carmel Hourigan, CEO of office at Charter Hall.
“In an increasingly bifurcated office market, we are proud of the workplace that we are delivering at 480 Swan Street, providing our tenant customers with modern and collaborative spaces and the highest sustainability credentials.”
Practical completion for Charter Hall’s commercial building at 480 Swan Street is currently anticipated for late-2023.
