SUNTEC Real Estate Investment Trust and Mirvac’s Olderfleet office development in Melbourne has reached practical completion.
Suntec REIT CEO Chong Kee Hiong said Olderfleet is the first building in Australia to achieve a Platinum Core and Shell Pre-Certification from the International WELL Building Institute (IWBI), which recognises excellence in delivering healthy buildings.
“With income commencement on 1 August 2020, the development will further enhance Suntec REIT’s income and improve its earnings and distributions to unitholders with the long weighted average lease expire of approximately 11 years and annual rental escalations of between 3.5% to 4.0%,” Chong added.
Located at 477 Collins St, Olderfleet comprises a net lettable area of 58,000 sqm including 56,000 sqm of office and 2,000 sqm of retail space. The property has achieved a pre-commitment of 97.0% with additional 0.2% with heads of agreement signed. There is also a five-year rent guarantee on any vacant spaces.
Anchor tenant, Deloitte, is taking 29,000 sqm of space over 15 floors and will share the building with Norton Rose Fulbright, Lander & Rogers, Urbis and Work Club Global.
