GPT has started construction at its $550 million Queen & Collins redevelopment in Melbourne’s CBD, once the global headquarters of ANZ Bank.
The GPT Wholesale Office Fund, which bought the site for $270 million three years ago, will upgrade the ground plane and entrance and maintain the character of the gothic tower and heritage buildings below.
Queen & Collins will incorporate the heritage buildings at 90 Queen St and 380 Collins St, and will a total net lettable area in excess of 36,000 sqm.
“With the leasing campaign to commence in early 2020, the Fund expects to capitalise on high levels of tenant demand, low vacancy rates and this unique offering to enhance returns to investors,” GWOF fund manager Martin Ritchie said.
GPT has appointed Probuild as the building partner for the project, with the project due for completion in early 2021.
