The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
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
print
Print
OtherStaff WriterWed 26 Jul 17

Mirvac Sells 50% Stake In 477 Collins Street

Olderfleet51_620x380

Mirvac has entered into an agreement with Singapore's Suntec REIT to sell a half stake in its landmark Olderfleet Collins Street office development.

The total consideration for the stake is $414 million, based on a capitalisation rate of 4.80%.

Suntec will fund 50% of the development costs via a fund through agreement throughout the construction period, while Mirvac will provide a five-year rental guarantee on any unlet office space from the date of practical completion.

Mirvac will also be responsible for providing development management and ongoing property and investment management services.

Mirvac CEO Susan Lloyd-Hurwitz said the company was thrilled to have secured another high-quality capital partner to invest with them at 477 Collins Street.

Commenting on the partnership with Mirvac, Suntec Chief Executive Officer Chan Kong Leong, said they were confident that Olderfleet, 477 Collins Street will be a landmark development that appeals to leading companies.

Located in the heart of Melbourne’s financial district and rising from the unique 1880s facades of the Olderfleet Buildings, 477 Collins Street will provide over 56,000 square metres of office space over 40 levels on completion, and will become the largest premium grade office building to be delivered in Melbourne in over 25 years.

Designed by Grimshaw Architects, the building offers flexible floorplates of up to 1,950 square metres and incorporates a vertical village concept, with the tower split into three separate pods to express key internal workings of the building and make strong connections with the heritage context.

The asset is also significantly de-risked, with professional services firm, Deloitte, committing to over 22,000 square metres of office space for a 12-year term. A 5 Star Green Star rating and a Platinum WELL certification are being targeted, and practical completion is anticipated for FY20.

OtherOfficeAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
View All >
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
Linic Property Group Saunton Jindalee
Residential

Linic Group Moves 43-Unit Jindalee Scheme Ahead

Leon Della Bosca
Residential

National Home Prices End Year on Record High

Lindsay Saunders
The median price for an Aussie home has topped $820,000 as values rise for the fifth month in a row...
LATEST
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Linic Property Group Saunton Jindalee
Residential

Linic Group Moves 43-Unit Jindalee Scheme Ahead

Leon Della Bosca
3 Min
Residential

National Home Prices End Year on Record High

Lindsay Saunders
3 Min
Lindfield SSD Resi EDM
Residential

North Shore $154m Apartment Play Tests Zoning Limits

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/mirvac-sells-50-stake-447-collins-street