This article is from the Australian Property Journal archive
Valad Property Group has secured its first new lease at 575 Bourke Street, Melbourne with WIN NBN Television.
WIN NBN Television will occupy more than half of the building’s 10th floor, taking the total occupancy to 90% compared to 86% in December 2005.
The six-year lease at $250 per sqm per annum net was negotiated by Michael Nunan of Knight Frank.
“This new lease highlights the strength of our ‘Tenant is King’ management approach and our confidence in adding significant value to this prime office asset Valad’s chief executive of real estate investments Martyn McCarthy said.
“WIN NBN Television currently occupies space in one of our Sydney buildings and they wanted to take space in one of our buildings in Melbourne.
“Adding another high-profile tenant such as WIN NBN Television to our existing tenancy mix also shows the growing appeal of the Bourke Street precinct as a business location in its own right and 575 Bourke Street’s premier positioning within that precinct,” he added.
575 Bourke Street, Melbourne is a seed asset for Valad Property Group’s new $200 million Valad Core Plus Fund.
The 500 sqm lease by WIN NBN Television is the first new Valad lease at the 18-level office tower, which was purchased by Valad for $50.87 million in December 2005.
The property has a net lettable area of 15,997 sqm over 18 floors, including a ground level foyer incorporating three retail tenancies, 15 levels of office space and secure basement parking for 82 cars.
Other major tenants at 575 Bourke Street include Dibbs Abbott Stillman, Equity Trustees Ltd, Metlink Victoria and Minister of Finance.
By Adam Parsons
