This article is from the Australian Property Journal archive
THE Victorian Civil Administrative Tribunal (VCAT) will be moving its headquarters to 14,000 sqm at the soon-to-be-upgraded 300 La Trobe Street in the Melbourne CBD, deciding to stay within the Charter Hall stable of tenants ahead of its current digs being replaced for a major new development.
VCAT is currently at 55 King Street, which is set to be replaced by a new office tower as part of Charter Hall’s $1.5 billion dual-tower 555 Collins Street project – where it has just secured a 10-year commitment from global tech firm Ericsson across 3,350 sqm.
The property fund manager has now managed to retain VCAT as a tenant. VCAT will be taking up 14,000 sqm at 300 La Trobe Street, also known as the Argus Centre, which is a 34-level A-grade building opposite Melbourne Central station and near Flagstaff station and the future State Library station, owned by Charter Hall wholesale partnership, Charter Hall Office Trust.
It underwent a refurbishment in 2013 and brand new end-of-trip facilities were introduced in 2018, and it has 520 parking bays over 10 levels. Now, it is set to undergo a transformation that will enhance existing facilities and provide direct access to natural light from four frontages, large 1,500 sqm floorplates and greater inter-floor connectivity. Plans also include new ground floor retail and a laneway, creating improved access to the surrounding amenity.
Adaptive re-use of the existing building fabric will help reduce its carbon footprint. Upon completion, the building is targeting a 6-star NABERS Energy rating, 5-star Green Star Performance rating, and reduced carbon emissions of approximately 70%, with 100% of base building energy to be procured from renewable sources.
Building works will commence in mid-2024 to transform this CHOT-owned asset into a long WALE, A-grade office tower accommodating a variety government and corporate tenants within a high-performing precinct in Melbourne’s CBD.
Charter Hall Office CEO, Carmel Hourigan, said there are plans for two separate, secure entrances for the public and VCAT’s employees and members, as well as private end-of-trip facilities, touchless entry, ground floor concierge, electric vehicle charging.
The transaction was brokered by vendors agents JLL and Cushman and Wakefield.
Melbourne, which had seen lower office occupancy since its multiple COVID lockdowns, saw office vacancies rise from 14.1% to 15% in the six months to July, according to the Property Council of Australia’s latest data.
