AXA Investment Managers – Real Assets completes acquisition of Melbourne office building development
AXA Investment Managers – Real Assets has completed, on behalf of one of its clients, the purchase of 21 Harcourt Parade, a parcel of land with full development approval in the Cremorne precinct of Melbourne.
Acquired from Caydon Property Group for A$32.5 million ($23 million), the property will be developed by AXA IM – Real Assets and Caydon Property Group into a high-quality office building with construction costs bringing the total investment to more than A$100 million ($71 million). Probuild has been appointed as the builder for the project.
Due for practical completion in 2020, the 9,621-square-meter (104,000-square-foot) building will comprise six floors of office space all pre-let on a 10-year lease to MYOB, an Australian multinational software services company, two levels of parking and 800 square meters (8,600 square feet) of ground-floor office and retail space. The 4.5-star NABERS Energy rated building will also feature an array of tenant amenities.
Located just 3 kilometers (1.9 miles) southeast of the Melbourne CBD, the completed building will be very well located within the rapidly emerging Cremorne office precinct. The area is served by strong public transport infrastructure within walking distance. The building, which will overlook the Yarra River and Melbourne’s Royal Botanical Gardens, will also be near the AAMI Park stadium, Melbourne Cricket Ground and a range of cafes, bars, restaurants, retail shops and parklands.
