ISPT acquires 50% of development at 405 Bourke Street
ISPT has acquired 50% of the proposed development at 405 Bourke Street, Melbourne from Brookfield who retains a 50% interest. NAB has signed on to be the anchor tenant of this new, high profile commercial address in the heart of the CBD.
Daryl Browning, CEO of ISPT said: “We are excited to enter our first development joint venture with Brookfield and continue our 20 year business partnership with NAB, who are a valued customer to ISPT.”
405 Bourke Street will include a 39 level building with 31 office floors of Grade A office accommodation with Premium services and three levels of retail. The property is targeting 5 Star Green Star and 5 Star NABERs Energy and 4 Star NABERs Water ratings.
Michelle McNally, ISPT’s General Manager, Commercial Services said: “405 Bourke Street will set a new benchmark for workplace experience and continues the rejuvenation of our Melbourne office portfolio adding to our developments at 447 Collins Street and 271 Spring Street.”
Construction is expected to commence in April 2018 with completion scheduled for March 2021.