CTBUH Global News

Major Australian Bank to Relocate to Under-Construction Melbourne Tower

Melbourne, Australia – 30 January 2017

Australian-New Zealand Banking Group, Ltd. (ANZ) is set to take up the anchor tenancy in Lend Lease’s new AUD$430 million (USD$325 million) Docklands tower, designed by Denton Corker Marshall. Located at 839 Collins Street, the tower in the Docklands precinct will rise to 20 stories featuring 38,000 square meters of grade-A commercial office space.

The bank’s decision to move into the new development – which is located right next door to its existing global headquarters – makes it one of the biggest deals in Melbourne’s commercial property market in 2017 thus far, according to developers. According to the Sydney Morning Herald, the developer will seek out other tenants for the remaining 11,500 square meters of space in the building.

ANZ Group General Property Manager Kate Langan told the Herald that having two adjacent buildings across one Docklands location will enable the bank to create a single campus that will address future workplace demands while also allowing people to work together more “easily and creatively.”

“This is the last available commercial building in Victoria Harbour, which features the highest concentration of Green Star-rated buildings in Australia. We think it will be great for our staff as well as having significant environmental benefits,” Langan shared. The new lease agreement follows the sale of the bank’s office tower at 100 Queen Street to GPT Wholesale Office Fund, which it is leasing back with an initial term until June 30, 2019.

The development of 839 Collins Street will largely complete the commercial elements of the 30-hectare mixed-use precinct that houses approximately 15,000 workers across major tenants. Invesco and Challenger made the AUD$430 million (USD$325 million) investment into the tower, with construction ongoing over the next two years.

For more on this story, go to The Urban Developer.

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