NAB locked in for new Bourke St building
Canadian giant Brookfield Asset Management has finalised a leasing deal to develop one of Melbourne’s largest towers for National Australia Bank, and sell a half-stake in the $800 million project to superannuation fund-backed group ISPT.
NAB has struck a 12-year lease, due to commence in 2021, on the skyscraper to be built at 405 Bourke St in the heart of Melbourne’s CBD.
NAB has committed to occupy at least 43,000sqm with an option to expand to occupy all of the available office floors over about 66,000sqm if it requires the space. At the same time, ISPT has agreed to acquire a 50% joint venture interest in the development, in keeping with its desire to buy into major office and retail projects in Sydney and Melbourne.
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The new site is next to NAB’s existing office at 500 Bourke St and the bank’s chief technology and operations officer Patrick Wright says the building will be designed to deliver improved customer-facing facilities and support the business’s future workforce needs.
“This new office location will help continue NAB’s focus on enhancing collaboration, flexible working and efficiency across our business to deliver a greater customer experience,” Wright says.
The office tower will complement NAB’s existing sites, 700 and 800 Bourke St, and will also consolidate Melbourne offices at 500 Bourke St, 8 Exhibition St and 101 Collins St.
The proposed lobby at 405 Bourke St.
The lease agreement follows the announcement that NAB’s Sydney employees will move into offices at Wynyard Place, which is also being completed by Brookfield, and Parramatta Square in 2020.
The tower at 405 Bourke St will be one of a series of new towers to dot Melbourne’s skyline, with Mirvac, QIC, Charter Hall and Lendlease all building in the city.
Brookfield’s development involves the construction of a 39-level building and comprises 31 office floors of A-grade space office with top flight services. The project is targeting five-star GreenStar and five-star NABERS environmental performance. Brookfield is also looking to activate the surrounding laneways and the tower will sport an outdoor roof terrace. The tower is designed to maximise natural light and provide efficient floor plates of up to 2300sq m, adaptable to suit the bank’s needs.
“We are pleased to be able to welcome National Australia Bank to 405 Bourke Street in 2021,” Brookfield Properties Australia head of development, Carl Schibrowski, says.
“As an iconic Australian financial institution, NAB is a great fit for 405 Bourke St.”
ISPT chief executive Daryl Browning says: “We are excited to enter our first development joint venture with Brookfield and continue our 20-year business partnership with NAB, which is a valued customer to ISPT.”
Multiplex has started early site works. Construction is expected to commence in April and practical completion is expected to be reached in the first quarter of 2021.
This article originally appeared on www.theaustralian.com.au/property.
