MELBOURNE, AUSTRALIA-National Australia Bank has selected a location for its new 645,000-square-foot office building in the Docklands district here. The bank also has chosen CBUS Property to build the $300 million facility.
The new site is on Bourke Street, adjacent to Etihad Stadium. The bank’s headquarters are also on Bourke Street here. The Walker Corp. had submitted a competing proposal for a spot on Collins Road in Docklands.
However, nothing is in stone yet, says Gavin Slater, group executive of the company’s Group Business Services. “While we are moving into detailed discussions about an additional building in the Docklands, no final decisions have been made at this stage,” Slater says. The company will make a final decision later this year, he says.
Large development is possible because Australia hasn’t been hit as hard with recession woes, joined by only Korea in posting positive GDP growth among advanced countries in 2009, according to a recent report by Jones Lang LaSalle. Quick government action in reacting to the global economic crisis, and low unemployment, are key to the success of the Australian office market, according to the JLL report.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.