The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
5
print
Print
OfficeThomas ConwayFri 21 Sep 18

Dexus Flags Major Office Development on Collins Street

666b2263-1449-4684-8a6a-44e720b9eed1

Property giant Dexus has snapped up the Reserve Bank's Melbourne headquarters in a $160 million deal.

In a slightly smaller second deal Dexus also acquired the property next door, at 52 Collins St, for $70 million.

Dexus flagged plans to amalgamate the two sites and develop a total 35,000sq m in the medium term.

"These acquisitions provide us with a presence in the tightly-held 'Paris end' of Collins Street in the Melbourne CBD," Dexus chief executive Darren Steinberg said.

"They also present us with a unique opportunity to undertake an office development creating long term value for investors in the next supply cycle."

Related: QIC Lists Up to $2 Billion of Assets

Dexus office and industrial executive general manager Kevin George said Dexus expected office demand in Melbourne to remain strong.

"[With] the vacancy rate to fall below 4 per cent next year and remain well below long term averages for the foreseeable future."

Surging demand for office space in Melbourne has pushed the vacancy rate to shrink below 4 per cent.

Settlement for 60 Collins St is expected by the end of October, while 52 Collins St is expected to settle in July 2019.

OfficeIndustrialAustraliaMelbournePolicyDeal
AUTHOR
Thomas Conway
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Gold Coast’s Greatest Moments Yet to Come: Evan Raptis

Phil Bartsch
7 Min
MODEL founder Rory Hunter HERO
Exclusive

‘It’s Massive’: On Mission to Prove BtR Green Equals Gold

Leon Della Bosca
8 Min
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
View All >
Level 33 Wollongong PLACEHOLDER IMAGE ONLY
Residential

Level 33 Plots Seven-Storey Upsize for Wollongong Towers

Leon Della Bosca
Rose Bay supersite EDM
Residential

How 12 Eastern Sydney Homes Became a $165m Supersite

Vanessa Croll
Fieldwork and MALA's rendering of the mixed-use project by MAKE next to Murrumbeena Train Station in Melbourne's southern suburbs.
Affordable & Social Housing

Murrumbeena Scheme Wins Minister’s Backing

Marisa Wikramanayake
After the council protested insufficient information, the planning minister has approved a housing project in an Activit…
LATEST
Level 33 Wollongong PLACEHOLDER IMAGE ONLY
Residential

Level 33 Plots Seven-Storey Upsize for Wollongong Towers

Leon Della Bosca
2 Min
Rose Bay supersite EDM
Residential

How 12 Eastern Sydney Homes Became a $165m Supersite

Vanessa Croll
4 Min
Fieldwork and MALA's rendering of the mixed-use project by MAKE next to Murrumbeena Train Station in Melbourne's southern suburbs.
Affordable & Social Housing

Murrumbeena Scheme Wins Minister’s Backing

Marisa Wikramanayake
2 Min
Interiors

Innovation That Works: Solving Real-World Fitout Challenges

Partner Content
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/dexus-to-aquire-two-neighbouring-melbourne-sites