The touted move by the ANZ Bank may well be done and dusted.
Property pundits were tipping yesterday that the latest delay in the announcement by ANZ of its relocation to a new world headquarters is a signal to the marketplace that it will not be going anywhere.
One leading analysts told Australian Property Journal that the delay was “part of the falling over process”.
“It is a case of de javu for developers. The last time, the ANZ put developers through the hoops they left them lamenting what might have been. For Lend Lease, the Kuok Group and the other developers the writing is on the wall again.
“ANZ won’t move.”
Developers have spent millions of dollars on their proposals in a bid to win the $350 million, 80,000 sqm development of ANZ’s new home. The market had believed the winning site was down to two Melbourne Docklands sites, Lend Lease’s Victoria Harbour and the joint bid by Lang Walker and Malaysian developer Kuok Group.
At one stage of the tender, ANZ received bids from Becton, CBUS, MAB Corporation and PDG Corporation to build the new headquarters on the RMIT site on the corner of Swanstons Street and Queensberry Street.
ANZ was also rumoured to have considered a move to Federation Square, however, property sources said ANZ shelved the Federation Square idea after it was told a public process alone on the site would take two years and the State Government was reluctant to give up the site cheaply.
Adding to the woes, ANZ was looking to move into the new facility in 2009.
Property sources said the entire logic behind the move is flawed.
“It will take a while before the bank realises that the move won’t be happening.
“ANZ is committing to an 80,000 sqm facility on a 12-15 year without flexibility. So whether the bank gets bigger or smaller, they still have to pay for entire 80,000 sqm lease plus outgoings and that amounts to approximately $300-$350 per sqm plus outgoings of $100 per sqm per annum.
“And at the beginning of the lease ANZ will have to pay $120 million for fit outs,” one source said.
By Nelson Yap
