The Grimshaw Architects-designed project incorporates the stunning facade of the “marvellous Melbourne” era Olderfleet Buildings
The property firm plumped for the Olderfleet and its large, efficient floors following its recent national workplace strategy review with WMK Architects.
“Our workplaces of the future will facilitate greater levels of collaboration, innovation and flexibility for our people and clients,” said chief executive Ben Pollack.
The Grimshaw Architects-designed project incorporates the stunning facade of the “marvellous Melbourne” era Olderfleet Buildings. A terrace wraps around the rear and side of the new tower, allowing sky-high views over Melbourne, along with a 30-metre-high atrium just off Collins Street.
Two years ago Mirvac sold a half stake in the development to Singapore’s Suntec REIT for $414 million, providing a five-year rental guarantee on any unlet office space from the date of practical completion.
“There is a lot of risk in commercial development if you are selling down. You potentially have to have that rent guarantee in place to give the support investors want.” Mr Lonetti said.
“For us being at 88 per cent, that risk has been greatly reduced.”
The Olderfleet project is on schedule to be completed by 2020.
Meanwhile, Mirvac has begun evaluating a site on La Trobe, the home of the Australian Federal Police, which it acquired for $122 million from developer Sterling Global last year.
The La Trobe property comes with approval for a dramatically styled 70-storey apartment tower designed by French architect Jean Nouvel but Mirvac is now considering how much office space to include in a revised plan.
This article was first published by the Australian Financial Review, Author: Nick Lenaghan.
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Image source: Australian Financial Review, Nick Lenaghan