ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Perri, Pellicano Win Approval for $170m Bennetts Lane Tower

42698502-6716-4bf5-ae60-e8f71cd4e7e8

Melbourne developers and regular collaborators Pellicano and Perri Projects have won approval for a 20-storey commercial tower two years after Perri picked up the 1,532sq m site for $26 million.

The duo said that they expect to join the construction “mini-boom” in Melbourne’s CBD by mid-2020, with the amount of office space in the CBD set to increase by about 10 per cent next year.

The tower will bring 12,000sq m of A-grade office space to the north east corner of Melbourne’s CBD, within a few hundred yards of the Charter Hall-controlled $1.2 billion Wesley Place development precinct.

The privately-owned duo tapped architecture firm Fjmt to design the building, which has an end value of $170 million and represents Perri Project’s first foray into the CBD office market.

The building will offer a range of floor plates to attract a diverse mix of businesses looking to lease entire floors.

“The lower levels will offer larger 1,200sq m floorplates for larger businesses, while the upper levels will target SMES and offer smaller floorplates,” Perri Projects managing director David Scalzo said.

Scalzo said that Perri and Pellicano will adopt a long-term retention strategy for the asset.

▲ Architecture firm Fjmt's tiered external design proposal. Image: Fjmt.
▲ Architecture firm Fjmt's tiered external design proposal. Image: Fjmt.


“As the first boutique A-grade office building to be built in Melbourne’s CBD in years, 17 Bennetts Lane is a unique offering for a wide variety of creative and forward-thinking businesses,” Scalzo said.

The rosy outlook for Melbourne’s CBD office market is set to continue, according to BIS Oxford Economics, which forecasts a 30 per cent to 40 per cent rise in prime rents over the next five years.

“Apart from a brief spike, we’re looking at six years with a sub-5 per cent vacancy rate,” BIS economist Maria Lee said.

Meanwhile, Perri and Pellicano are also developing the $700 million South City Square in Brisbane’s Woolloongabba, welcoming the city’s first Hyatt hotel to the precinct which is expected to open in 2023.

ADVERTISEMENT
TOP STORIES
CONTRIBUTE TO THE CONVERSATION
Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: https://theurbandeveloper.com/articles/pellicano-perri-win-approval-for-170m-bennetts-lane-tower