Investment Portfolio
Overview
Suntec City
One Raffles Quay
MBFC Properties
9 Penang Road
177 Pacific Highway
Southgate Complex
Olderfleet, 477 Collins Street
Volume:
3,483,300
High:
1.980
Low:
1.960
Change:
-
Last:
1.970
On 8 August 2017, Suntec REIT completed the acquisition of a 50% interest in Olderfleet, 477 Collins Street, a freehold land and property to be developed from Mirvac Group for a consideration of A$414.17 million. Mirvac continues to be the co-owner, with its remaining 50% interest in the property.

Located along Melbourne’s most prestigious commercial address, Olderfleet, 477 Collins Street is within the Western Core of the Central Business District and is also a short walking distance from The Southern Cross Station, Victoria’s primary metropolitan and regional transportation hub.

The 40-level state-of-the-art Premium Grade building will have an estimated total net lettable area of 58,000 sqm which comprises 56,000 sqm of office space and 2,000 sqm of retail space as well as 414 car park lots. The property will also provide market leading amenities including business lounge, wellness centre, childcare centre and best-in-class end-of-trip facilities.

The project is designed by award-winning Grimshaw Architects with the main entrance from Collins Street incorporating facades of three heritage listed buildings constructed during various periods of the 19th Century. The property is targeting to achieve 5-Star Green Star rating, 5-Star NABERS Energy rating as well as International WELL Platinum rating for Core & Shell.

The property is 39.1% pre-committed by leading professional services firm Deloitte Australia, as its Melbourne headquarters. Mirvac will provide a rent guarantee on any unlet space for five years post practical completion. The resultant weighted average lease to expiry is approximately 7.74 years with an annual escalation of between 3.50% to 3.75%.

Olderfleet, 477 Collins Street is expected to achieve practical completion by mid 2020.

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