PROPERTY powerhouses ISPT and Cbus Property have teamed up for the first time in a consortium with EPC Partners to develop a $700 million project on the last remaining stadium precinct site at Melbourne's Docklands.
The consortium has entered into a development agreement with VicUrban to develop the South East Stadium Precinct. To be known as Bourke Junction, the project is also ISPT and Cbus’ first venture into the Docklands precinct.
Bourke Junction occupies a prominent site adjacent to Telstra Dome, on the corner of
The five building mixed use project will comprise over 150,000 sqm of built area including the development of two landmark commercial towers, a 4-star 250 room hotel; restaurant and bar facilities; and a five level mixed-use building incorporating a medical centre, retail facilities, a business club and gymnasium.
One of the commercial towers, the south building is a 21 level building which comprises 35,000 sqm. Suncorp has also signed up as an anchor tenant to occupy 50% on the lower levels.
The south tower also includes the 4-star hotel will be jointly developed by ISPT and EPC Partners.
Meanwhile, the 29 level northern building will be jointly developed by ISPT and Cbus Property and will incorporate approximately 45,000 sqm of 5 Star Green Star commercial office space as well as approximately 1,140 sqm of retail space.
ISPT’s chief executive Daryl Browning is confident the northern tower will be leased prior to the construction start of the project.
Browning said ISPT and Cbus are well advanced in securing office space pre-commitments from two major corporations, which total about 80% of the building.
Suncorp’s executive general manager of corporate real estate Peter Affleck said location emerged as a key factor influencing the group’s selection of the
“Signage rights at the new premises will also provide us with an ideal opportunity to reinforce Suncorp’s national reach and Top 25 listed company status within
Suncorp will join ANZ and the National Australia Bank and Bendigo Bank with headquarters at the Docklands.
Both buildings will feature two lobbies, one at a concourse level and one at the
Construction is scheduled to commence in the second half of 2008 and the project will be delivered in stages with final completion scheduled for 2012.
Architectural firm Hassell are responsible for the masterplan and
Browning said Bourke Junction will be developed to a high environmental performance standard and has been registered for a Green Star design rating.
Cbus Property’s chief executive Adrian Pozzo said this development represents Cbus Property’s third major successive commercial development in Melbourne, having completed 8 Exhibition Street in 2005 (45,000 sqm) and CBW at the corner of Bourke and William Streets (75,000 sqm) which is approaching completion and recently secured Deloittes as a tenant.
EPC Partners’ founder Patrick Smith who initiated and co-ordinated the consortium bid, said the consortium had the right blend of expertise to deliver a truly outstanding development for Docklands and Melbourne.
Australian Property Journal
