THE Charter Hall Core Plus Office Fund has selected Brookfield Multiplex to deliver the $150 million redevelopment of 570 Bourke St in Melbourne's CBD.
Brookfield Multiplex has worked on a number Charter Hall projects, most recently delivering 171 Collins St.
The works will add 15,550 sqm of A-grade office space to the existing 35,000 sqm building across levels 2 to 11 to create 10 levels of contiguous 2,700 sqm of floorplates. The expanded 51,000 sqm A-grade office building is expected to be valued at $350 million upon completion.
A further 170 sqm of boutique office space will be added to level 1, as well as 670 sqm of retail space to the ground floor fronting Bourke and Little Bourke streets, introducing four new retail tenancies to the building. The works also include a complete rebuild of the ground floor lobby; substantial upgrade works to the building services; and new generation end of trip facilities to achieve a 4.5 star NABERS rating.
Charter Hall joint managing director David Harrison confirmed that CPOF acquired 570 Bourke St in two stages in 2008 and 2010, and used its in house development services team to create a vision for the expansion.
Works is expected to commence in January 2014, with completed scheduled for the middle of 2015.
Property Review
