This article is from the Australian Property Journal archive
The redevelopment of the former Melbourne CUB site, on the corner of Swanston Street and Victoria Parade in Carlton, will go ahead even if the ANZ deal is shelved.
Yesterday, RMIT told Australian Property Journal that the University is running its own expressions of interests and that regardless of what happens with the ANZ bid, the redevelopment of the 20,000 sqm site will go ahead.
RMIT said it initiated the EOI for the site before the ANZ released its brief to build a new 80,000 sqm headquarters.
In addition, RMIT gave the opportunity to the bidders to tender for the CUB site with or without ANZ.
RMIT declined to release the details of the bidders, however, it is believed that Becton, CBUS, PDG Corporation and MAB Corporation have been short listed.
Property sources told Australian Property Journal that Becton and PDG Corporation submitted a bid to ANZ, however, their bids have been ruled out.
RMIT was unable to comment whether Becton and PDG Corporation are likely to withdraw their EOI over the CUB site after unsuccessfully bidding for the $350 million ANZ HQ project.
Meanwhile, it is understood that MAB Corporation’s bid for ANZ is still in the running.
Property sources said MAB Corporation is likely to team up with Grocon to develop the CUB site.
It is believed even if the ANZ bid falls over, MAB and Grocon could develop the site into a major mixed use development.
“RMIT is running its own bidding process and the ANZ deal will not impact on the bidding,” RMIT told Australian Property Journal.
RMIT said the University is committed to a mixed used development and that the EOI is in its well advance stages.
The university has retained the prime south east corner of the site for its own exclusive use.
While RMIT was unable to comment on the sale price, it is believed that the site could fetch as much as $50 from the competitive bidders.
The CUB site was a brewery and headquarters for Carlton and United Breweries from 1862 to 1994. In 1994, the Nauru Government bought the site.
In 1998, RMIT bought the site and has since been under pressure to redevelop the site.
The EOI of the CUB site is part of the second stage of RMIT’s property development strategy after the completion of stage one, which was the sale of a seven story building at 410 Elizabeth Street, Melbourne for $8 million.
By Nelson Yap
