ISPT acquires 50% interest in 2 Riverside Quay, Melbourne

ISPT as acquired a 50% interest in a proposed office development at 2 Riverside Quay, Southbank, Melbourne. Mirvac has retained the other 50% and will continue as Development Manager.

2 Riverside Quay, under construction, is part of the Riverside Quay office complex located in the Southbank precinct on the Yarra River, overlooking the Melbourne CBD. Scheduled for completion in February 2017, the building will comprise a total NLA of 21,040 sqm over 12 office levels, with a refurbished 8 level car park and 571 car spaces. The ground floor tenancy will provide 125 sqm of retail. PwC have pre-committed 17,200 sqm, or 82% of the office and Wilson Parking have pre-committed to the car park.

Daryl Browning, ISPT CEO said: “2 Riverside Quay is a positive acquisition for the ISPT Core Fund. The asset, on completion, will increase the Fund’s lease expiry profile and further geographically diversify the Melbourne CBD office portfolio. ISPT is looking forward to our first joint venture with Mirvac as developer and co-owner.”