THE Commonwealth Bank is expected to move its Melbourne's headquarters two blocks down the street to CBUS' new Corner Bourke and William development.
Industry sources told Australian Property Journal the CBA is expected to make an announcement within the next week of its move to the heart of
The move would one of the fastest decisions made on a major lease in recent times – CBA has only been in the market for new accommodation since June this year.
At the time, its spokesperson told Australian Property Journal the Bank was due to make a decision around the third or fourth quarter of 2007.
Industry sources said the Bank had looked at AMP Capital Investors’ 222 Exhibition and APN Property Group’s 567 Collins Streets. At one stage, the Bank was rumoured to have had a change of heart and tipped to move to the Docklands precinct.
But, CBA spokesperson quickly quashed those rumours, adding that the Bank is exclusively looking for space within the Melbourne CBD.
Yesterday, sources confirmed the CBA has picked the second tower at the CBW development.
Located at
The tower will comprise 25,500 sqm net lettable area of A Grade standard office space and the building is being designed to achieve a 5 star Green Star and 4.5 Star Australian Building Greenhouse Rating.
The Bourke St property will be linked to the $250 million first tower at 181 William St, of which 75% of the 49,500 sqm tower is pre-committed to CGU. In addition, law firm Blake Dawson Waldron will occupy the top floors, from levels 22 to 26.
CBA currently leases some 21,450 sqm of office space at
When its lease expires in March 2009, the Bank’s departure will leave around 39% of space vacant. The 41 level building, $292 million property has 55,044 sqm of office space. CBA also leases around 5,000-6,000 sqm of space on the corner of Elizabeth and Flinders St.
CPA Australia, which leases around 5,500 sqm of space 385 Bourke St is also due to renegotiate before its expiry December 2009.
Meanwhile, News Ltd’s Herald & Weekly Times is poised to make a decision on its new accommodation.
HWT currently occupies approximately 14,500 sqm of space at
HWT’s lease expires in 2010. HWT is understood to be in the market for 16,000 sqm of space.
Australian Property Journal
