Lendlease’s purchase of the first commercial tower at the $2 billion Melbourne Quarter urban renewal project is welcomed news for the project’s developer, also Lendlease.
One Melbourne Quarter is designed by Denton Corker Marshall and targeting 6 Star Green Star As Built and 5-star NABERS ratings, targets made more realistic now the developer is invested in the asset.
Lendlease have also committed to occupying four floors of the 13-storey, 26,400sqm building, which is one of seven commercial and residential towers planned for the $2 billion urban regeneration project at Batman's Hill.
Engineering giant, Arup are already secured as the anchor tenant for the project, which currently under construction, and will lease three floors of the building. Arup is also involved significantly in the project’s design and delivery as its engineer.
Lendlease will move its Melbourne offices to One Melbourne Quarter in 2018, and as is the case with its Global Offices at Barangaroo Sydney, will be in charge of its delivery in line with its sustainability targets.
Managing Director of Lendlease’s Australian Investment Management business, Josh McHutchison, says the investment in One Melbourne Quarter was aligned with Lendlease’s focus on owning next-generation, sustainable assets in strategic precincts, and leveraging its off-market office development and urban regeneration capability and pipeline.
“We are delighted to provide our institutional investors access to this exciting integrated precinct, which will offer unique public space, including Melbourne’s first Skypark, and direct access to a variety of transport options,” he says.
“The investment is consistent with Australian Prime Property Fund Commercial’s strategy to up-weight into efficient, sustainable and people-centric buildings, and complements the Fund’s recent acquisition of Darling Square and its interests in International Towers One, Two and Three at Barangaroo in Sydney.”
Lendlease has a good recent track record with reaching sustainability targets. In 2015 the company certified more Green Star space than any other, achieving a total of 1.39 million sqm. Arup Australasia also performed well in 2015, being the Green Star Accredited Professional on more projects than any other consultant with a total of 11 Green Star certified projects for the year.
Once completed, the Lendlease Barangaroo development in Sydney is expected to be the first carbon positive CBD precinct in Australia.
Lendlease is also in charge of the development of the three residential towers at Melbourne Quarter, designed by Fender Katsalidis and targeting 5 Start Green Star Ratings.