The new Melbourne Quarter precinct has reached a significant milestone with the sale of its first tower.
Lendlease’s newest urban regeneration project has progressed with the sale of its first commercial tower, One Melbourne Quarter, to the Lendlease-managed Australian Prime Property Fund Commercial (APPF Commercial).
The new office tower – dubbed “next generation” by Lendlease – at the $2 billion Melbourne Quarter project was designed by Melbourne architects Denton Corker Marshall and is the first of seven commercial and residential buildings in the precinct.
Lendlease’s chief executive officer for property, Kylie Rampa, said the sale will drive increased momentum for the project.
“We continue to witness the city shift its commercial centre west along Collins Street, with many leading national and global enterprises already having made the move. It’s a very exciting time for the project,” she said.
Managing director of Lendlease’s Australian investment management business, Josh McHutchison said the investment in One Melbourne Quarter was aligned with APPF Commercial’s focus on owning next-generation, sustainable assets in strategic precincts.
“We are delighted to provide our institutional investors access to this exciting integrated precinct, which will offer public space, including Melbourne’s first Skypark, and direct access to a variety of transport options,” he said.
APPF Commercial’s investment in One Melbourne Quarter comprises circa 26,400 square metres of net lettable area (NLA) with large floorplates of approximately 2,000 square metres, retail lettable area of 980 square metres and up to 106 car spaces.
Melbourne Quarter is expected to offer approximately 120,000 square metres of agile and flexible office space, circa 1,690 apartments, 4,000 square metres of retail space, childcare and end-of-trip facilities and a health and wellness centre.