Wealth manager AsheMorgan has launched Melbourne's first commercial timber tower, Woodwork, in the Docklands urban renewal precinct.
The 8000sq m tower, constructed from 80 per cent cross-laminated timber, has planning approval for a ground floor lobby, retail space and four large upper levels.
AsheMorgan has launched a leasing campaign for at least 50 per cent of the timber tower, appointing CBRE and Colliers to manage the deal.
CLT is often manufactured as large-format structural building elements, including walls, floors and roofs, created by bonding together timber boards in orthogonal layers.
The surge in the use of the prefabricated material encouraged Australia's first CLT manufacturer XLam to open a production facility in Wodonga earlier this year.
AsheMorgan’s Michael Moss said the vision is to create a building designed with wellness in mind.
“We wanted to deliver open floor plans with exposed timber and high ceilings that promises comfort, quality and abundant natural light, with the possibility of natural ventilation and an energy efficient, low-temperature variable air volume system,” Moss said.
Colliers International's Matt Cosgrave expects the unique offering and surrounding precinct will garner tenant interest.
“The commercial landscape is changing and we are seeing a new focus from tenants,” Cosgrave said.
The tower is part of a wider $250m revitalisation of AsheMorgan’s The District, Docklands.
A proposal is also in progress to connect the Docklands Precinct with public transport options such as West Melbourne train station, the Arden McCauley precinct, E-Gate and the new North Melbourne Metro Station.
Woodwork will target 5.5-star NABERS and Green Star ratings.
It’s expected construction of the Docklands tower will take approximately 18 months.