CBA to shift HQ
Cbus has secured the Commonwealth Bank to a quarter of a 48 level skyscraper, set to be the centrepiece of a c$1 billion, three building complex at the south east corner of Bourke and Queen streets.
The bank has committed to 15,000 square metres at 435 Bourke Street for an undisclosed term.
It will consolidate offices at nearby 385 Bourke St – its long time HQ diagonally adjacent to the Bourke Street Mall – owned by Dexus, and Walker Corporation’s 727 Collins St, Docklands.
Cbus recently started completing earthworks for the project which was permitted mid-last year, replacing a former scheme with a 58 level tower the landlord earmarked before COVID.
An office leasing campaign was launched last October; Colliers’ Andrew Beasley is the agent.
CBA is expected to move into 435 Bourke St by 2026.
Cbus to proceed with 435 Bourke St
Cbus paid Brunei and Singapore based investors a speculated c$170 million in 2018 for the c3000 sqm site making way for the Bates Smart designed project – 140 and 150 Queen St, 423 Bourke and 27 McKillop.
As well as offices the proposal will contain 1300 sqm of retail and 116 car parks.
Some tenancies are also fit out with terraces.
Occupants will also have access to a rooftop balcony.
“435 Bourke is a pioneer project for the city, responding to a future Melbourne workforce and delivering on all of CBA’s requirements for a broad diversity of workspaces, sustainable design and premium on-site and surrounding amenity,” Cbus Property’s chief executive officer, Adrian Pozzo, said (story continues below).
“CBA is committed to providing our people with innovative workplaces that inspire them to deliver the best possible experiences for our customers and communities,” the tenant’s general manager, Corporate Services, Jennnifer Saiz, added.
Another Melbourne office
Melbourne’s CBD vacancy is 13.8pc, up from 8.2pc the year earlier, according to the Property Council of Australia’s most recent Office Market Report, released in January.
The sector is negatively affected by low and changing occupier demand following COVID, and a building boom.
Elsewhere in the CBD, Charter Hall is constructing offices at 555 Collins St – part set to be Amazon’s HQ.
That group also in 2022 acquired the Collins Place freehold.
Hines, meanwhile, is behind a commercial skyscraper at 600 Collins St, while Hickory has earmarked one at the ex-Goldfingers site.
Dexus, too, recently won approval for an office at the north east corner of Collins and Exhibition streets.
Vacancy is also in buildings under construction including a 70,000 sqm tower at 699 Bourke St, Docklands, which Lendlease sold to the National Pension Service of Korea for $1b in mid-2021 after securing Medibank to a quarter.
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