owners upgrading buildings to entice workers back to CBDPosted by On

Wesfarmers Health is moving from suburban Camberwell to the CBD into the rejuvenated former Victoria Police headquarters, taking 3500 sq m in the 673 Flinders Street building, with options to expand into 5000 sq m. Peakstone, owner of the building, invested $80 million to refurbish it – from B grade to A grade – which attracted the AAA tenant.

One of the first CBD building “repositioning” opportunities of 2023 could well be a major litmus test for what may be to come.

JLL’s Melbourne CBD sales team is offering 99 Queen Street, a 4682 sq m building that is 50 per cent leased and located in the prime central CBD precinct near Collins Street.

“We anticipate strong interest, given the opportunity to reposition the asset and tap into the ‘flight to quality’ that we are seeing from the markets,” said Nick Peden, who is handling an international expressions of interest campaign along with Rutman and Mingxuan Li .

Jones Real Estate managing director Paul Jones said underperforming B grade city buildings represent an opportunity for well-established investors. “There is significant scope to update them into state-of-the-art workplaces, with sustainability and social amenity that caters to rising ESG standards,” he said.

A major success story, Jones said, is the Queen and Collins project – an upgrade of the former 34-storey ANZ office tower, along with three heritage buildings in the same block.


Queen and Collins – an integrated office, retail and…

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