Brookfield Properties has reached the first stage of practical completion on the $950 million office and retail development at 405 Bourke Street, Melbourne.
The 405 Bourke Street office tower rises more than 40 levels above Bourke Street and provides more than 66,000 square metres of PCA A-Grade accommodation with Premium Services, all of which is leased to National Australia Bank (NAB).
The project includes Makers Lane, which connects Little Collins and Bourke Street and will provide a mix of both convenience retail and food and beverage offers.
Other amenities include more than 170 car spaces, over 600 bike racks and premium end-of-trip facilities immediately accessible from Little Collins Street and Gills Alley.
405 Bourke Street has been developed by Brookfield Properties, constructed by Multiplex and is jointly owned by investors in Brookfield and ISPT. The leading design team behind the development is Woods Bagot (base building) and Hassell (fit-out).
The first stage of completion includes the low and mid-rise levels of the building, totalling approximately 40,000 square metres. The second stage of completion for the high-rise levels is due to occur next month.
Brookfield Properties Project Director, Will Green, said 405 Bourke Street is a feat of engineering and persistence, given the impact of the pandemic on construction in Victoria during the past 18 months.
“It is a credit to our builders, Multiplex, that the project has been delivered safely amid the challenges of COVID-19,” Mr Green said.
“One of the key features of this building is the tower’s impressive cantilever structure at its base, which allowed us to build in the airspace above an existing apartment complex, melding a new build over the heritage façade of the Bourke Street property.”
“Typical of Brookfield’s development expertise, this was a complex undertaking in an under-invested part of the city that will bring renewed focus to the CBD core. We look forward to delivering the balance of the building to NAB.”
Brookfield Asset Management Managing Partner and Head of Australia Real Estate, Sophie Fallman, shared that high-quality office assets in key locations, such as 405 Bourke Street, remain in high demand from tenants, retailers and investors.
“405 Bourke Street is superbly positioned for Melbourne’s recovery and the revitalisation of the CBD once workers can return safely back into the office. As an owner and a manager, we are committed to Melbourne and look forward to investing further in this great city in new and existing assets,” Ms Fallman said.
Brookfield Properties Executive Vice President and Co-Head, Carl Schibrowski, commented that the development of 405 Bourke Street delivers to Melbournians a revitalised urban precinct in the heart of the CBD and prime office space including large-scale, open-plan floor plates.
“We were delighted to partner and collaborate with NAB throughout the development to create a space for its people that will inspire. When Melbourne returns to the vibrant city we have all enjoyed in the past, we look forward to creating experiences in and around 405 Bourke Street to support the return of staff, business and activity to the CBD.”
Construction on 405 Bourke Street commenced in 2018 with some 3,300 workers on-site throughout the delivery.
According to Multiplex, approximately 10,000 tonnes of structural steel and 31,795 cubic metres of concrete were required to build the tower.
Multiplex Regional Managing Director, Graham Cottam, said 405 Bourke is a fantastic addition to the Melbourne skyline.
“With the new tower cantilevering some 10 metres over the heritage building below, the delivery team employed a range of innovative construction techniques. We’re proud to have been part of this challenging and exciting project,” Mr Cottam said.
405 Bourke Street is targeting a 5 Star Green Star Office Design rating and will target a minimum 5 Star NABERS Energy Rating post-completion.