Mirvac celebrates Topping Out at Olderfleet, 477 Collins Street, Melbourne

31/07/2019

Mirvac Group (Mirvac) [ASX: MGR] and co-owner Suntec Real Estate Investment Trust (Suntec REIT) have today announced the topping out and completion of the main structural works at Olderfleet, Mirvac’s premium office building at 477 Collins Street, Melbourne.

The Grimshaw-designed, 38-level building consists of 58,000sqm premium-grade office and retail space, and has topped out on time, ahead of practical completion expected in mid-2020.

Mirvac’s General Manager, Development, Simon Healy, said, “This milestone marks another achievement for Olderfleet, which has seen strong interest from our tenants with a range of high calibre brands pre-committed, bringing the tower to 94% leased.”

“Mirvac’s vision to create one of Australia’s leading smart buildings, rising out of the heritage façade at Olderfleet, has struck a chord with the Melbourne market. Set to become an exemplar of modern working environments, the building integrates leading technology, sustainability and amenities that will include a wellness offering and childcare centre.”

The remaining lettable space at the building includes the entire Skyrise floor on level 34, which is made up of 1,700sqm of light-filled office space with spectacular city views. Incoming businesses will join a first-class line up of brands already committed, including Norton Rose Fulbright, Lander & Rogers, Urbis and anchor tenant Deloitte.

“Olderfleet presents a rare opportunity for premium office space in the tightening Melbourne rental market. Since Mirvac’s construction commencement, there has been a surge of interest in the midtown area of the CBD, with the precinct surrounding Olderfleet coming to life with restaurants, bars, shopping, and health and wellbeing facilities for workers and the community.

“Mirvac has a pipeline of projects in Melbourne including 383 La Trobe Street. This future, next generation office tower provides yet another opportunity for Mirvac to set new benchmarks in workplace design and contribute to the dynamic and evolving urban landscape within the Melbourne CBD,” Mr Healy said.

Mirvac has already pre-committed two of the five retail spaces at the Olderfleet building and has had strong enquiries for the remaining spaces, including a foyer café, two-level tenancy at the heritage entrance and a laneway offering on Flinders Lane. The interest from signature Melbourne food and beverage providers reflects the calibre of the tenants and the strong demand for the precinct.

Deloitte’s Managing Partner, Victoria, Paul Rehder said, “We’re really excited to reach this key milestone for our new home at 477 Collins Street– a workplace signalling Deloitte’s position as the undisputed leader in professional services and a magnet for what we can offer clients and employees, both professionally and personally.

“The future of work is moving towards human-centred, technologically driven workplaces – trends that reflect the convergence of work and life to enhance employee wellbeing. The building is purposefully designed to encourage co-creation and innovation, and it will set a new standard for employee experience as the way our people work becomes more automated, agile and collaborative.” 

Olderfleet tenants have committed to changing ways of work, using the leading technology and infrastructure in the building to deliver enhanced operations and leading workplace conditions, supporting the significant upfront investment by Mirvac in these areas.

Lander & Rogers’ Chief Executive Partner, Genevieve Collins, said, “Innovation and technology are transforming the legal profession and this provides an exciting opportunity for firms that are prepared to seize it. This involves more than simply investing in IT infrastructure: we need to evolve how we work – with our clients, each other, and within our broader community."

"Internally, our people tell us they want an environment that accommodates complete mobility. They want areas for digital and face-to-face collaboration as well as spaces conducive to individual focus. An agile, connected workplace is at the very core of Lander & Rogers' long-term strategy and our move to 477 Collins will help us fully realise that."

Future occupants at Olderfleet will benefit from luxurious hotel-style end-of-trip facilities with bike parking, lockers, a premium towel service, and 410 car parking spaces with direct access to the childcare centre.

Olderfleet is committed to a 5 Star Green Star rating, a 5 Star NABERS energy rating and a Platinum WELL Certification.

Note: Mirvac acquired 383 La Trobe Street in 2018 and intends to redevelop the site into a new office tower spanning over 40,000 square metres.