High Demand For Newly Refurbished 120 Collins Street, Melbourne
120 Collins Street, Melbourne (“the Building”), Australia’s tallest office tower and one of Melbourne’s most iconic buildings, has been a significant beneficiary of the revival of fortunes in the Melbourne leasing market.
A combination of the Building’s quality and premium location and the bold decision to commit to a significant capital works program in a subdued leasing environment a number of years ago, has delivered substantial leasing results for the owners, Investa Commercial Property Fund (“ICPF”) and Investa Property Trust (“IPT”).
In the last 12 months, Investa has leased over 15,400 square metres of space (~25% of the building area) to new, quality tenants including Australian online betting group CrownBet, real estate investment companies Qualitas, Property Partners and Centuria Capital, investment bank Moelis & Company, and the Royal Bank of Canada.
A number of existing tenants have also re-committed to the building, including Australia’s sovereign wealth fund, Future Fund, U.S.-based executive search firm Korn Ferry, Standard & Poor’s, Canadian bank BMO Financial Group and Australia’s BlueScope Steel.
The Building continues to also host some of the world’s largest and most prestigious organisations, such as Rio Tinto, Citigroup and Morgan Stanley.
As part of the refurbishment project, the building’s plant was modernised, a new building management system was installed, along with new ozone friendly and energy efficient chillers, and a full lift refurbishment is underway and due to be completed in 2016. Significant environmental benefits are expected to follow through improved NABERS ratings from the building upgrade.
Claire Clark, General Manager, 120 Collins Street, Investa said: “Over the last twelve months, 120 Collins Street has proven itself to be one of the most highly sought-after, premium destinations for both Australian and international businesses. Tenants have access to premium grade building services including a five star hotel-style concierge and on-site security team. In line with Investa’s customer centric approach, an online tenant portal that creates a digital “vertical community” for tenants and provides additional convenient services are also offered.”
Michael Cook, Group Executive, Commercial Development & Leasing, Investa said: “With only a limited amount of the building uncommitted and leasing markets continuing to strengthen, we are looking forward to finalising the leasing efforts and achieve full occupancy over the coming months.
Investa’s success at 120 Collins Street is further evidence of our leasing successes across Melbourne. With 567 Collins Street recently reaching practical completion, Investa has created premium bookends in Collins Street providing our customers with locational choice within the finest office facilities in Melbourne.”
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