477 Collins Street
OFFICE

477 COLLINS STREET

477 Collins St, Melbourne, VIC 3000

477 Collins Street is being redeveloped into a 56,000 square metre, 40-storey, premium office tower offering innovative, contemporary and engaging work spaces. The development will incorporate the unique 1880s façade of the Olderfleet buildings, which will undergo an extensive refurbishment and modernisation of the interiors to create boutique office and retail space. In July 2017, Mirvac entered into an agreement with Suntec REIT for the sale of a 50 per cent interest in the development.

Ownership
50% Mirvac, 50% SUNTEC REIT

Summary information

Acquisition Date Nov-13
Valuation at 30-JUN-20 $250.7m
Expected Development Value On Completion $857m
Target Completion FY20
Valuation: Book value represents Mirvac ownership.
Expected Development Value On Completion: Represents 100% of expected development end value, based on cap rate sold-down.

Project Update

Concrete structural works are complete. Façade installation nearing finalisation. Internal services and finishes are progressing well with works up to and including level 38. Works to the P3 lobby well underway. Reaching Practical Completion second half of FY20. Office space is now 93% pre-committed with two additional HOA’s (non-binding) signed which, if executed will take the building to 97% pre-leased.