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28 June 2001
Victoria Harbour Commercial Development Under way
National Australia Bank (“the National”) today nominated the Lend Lease Group (“Lend Lease”) as preferred developer for the National’s new generation office complex, at Victoria Harbour, the centre-piece precinct of the Melbourne Docklands.
The Lend Lease Group proposal included a totally integrated real estate solution for the $200m plus, 56,000 square metre project involving provision of development, design, construction and project finance services as well as proposed long term ownership of the asset by a major property fund managed by Lend Lease.
Mr Desmond Marks, CEO of Lend Lease Development said the National’s selection of Lend Lease confirmed Melbourne CBD tenant acceptance of Victoria Harbour as the natural extension of the CBD.
“We are delighted to have the opportunity to secure the National as the first key commercial tenant for the precinct that is to become the commercial heart of Docklands,” Mr Marks said.
“The National’s decision to relocate its 4000 staff members to the emerging CBD waterfront at Victoria Harbour is part of a much broader corporate change program that focuses on achieving a greater degree of equity and communication between staff members at all levels and divisions, as well as increased operational efficiency.
“We have the space at Victoria Harbour to create a highly efficient, large floor plate, low rise design with excellent views, fresh air and sunlight to all floors in an office campus.
“Because Victoria Harbour will incorporate extensions of both Collins and Bourke Streets, the National and other major space users who have already expressed strong interest in the precinct, will gain all these advantages not possible in a conventional CBD office tower, while still enjoying a CBD location.
“Through its integrated real estate businesses, Lend Lease has been able to bring together all of the services necessary to provide a total solution to the National’s complex brief. This required an in-depth understanding of corporate culture objectives beyond all the usual real estate asset requirements,” Mr Marks said.
Lend Lease and the National will commence work immediately on finalising the design and development agreement. Construction of the first building is scheduled to commence by October this year. The first National staff members are due to move in by mid 2003. The second building is scheduled for completion by mid 2004. Under the Lend Lease proposal, the National has also secured an option for further space to be exercised by late 2004.
In addition to the office complex construction, Lend Lease will simultaneously complete the first stages of the Bourke Street extension, pedestrian link to Spencer Street Station, initial retail and café / bar facilities as well as the waterfront and Grand Plaza which the National buildings front.
“Our plan is staged so that tenants move into “live” precincts with operating shops and café’s and public spaces to enjoy,” Mr Marks said.
“We have commercial expressions of interest in Victoria Harbour which exceed available office space under the master plan and have already received hundreds of residential enquiries even though we have not yet started marketing residential sites,” Mr Marks said.
“There is a strong momentum towards Docklands and Victoria Harbour from all real estate sectors.
“We are very pleased to be playing a role in giving Melbourne’s original port and waterfront back to the city,” Mr Marks said.
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| Media enquiries : | | |
| Karen Hirst | Desmond Marks | John Frey |
| National Australia Bank | Lend Lease Development CEO | Cosway Australia |
| 0438 409 107 | (02) 9236 6132 | 0411 361 361 |
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About Victoria Harbour
The 30-hectare prime precinct, bound by the Yarra River and Harbour Esplanade, includes 3.5 kms of public waterfront promenade, is the centre piece of the Melbourne Docklands re-development project.
Victoria Harbour is a world class site and certainly represents the most prestigious city development opportunity in Australia today.
Lend Lease will create a unique, 21st Century waterfront urban village that will extend Melbourne’s city hub right down to the Harbour’s edge, via extensions to Bourke and Collins Streets, which will ‘meet’ down by the Yarra.
Victoria Harbour will incorporate retail, commercial, residential, hotel, tourism, leisure and community facilities, with up to 15,000 people living and working within the precinct.
Melbourne Docklands is the largest city waterfront development in Australia’s history and Victoria Harbour ranks as the Lend Lease Group’s top city urban renewal project world-wide.
Victoria Harbour will have the look and feel of a contemporary inner city village, where work and home are integrated with ample public space, shopping, restaurants, water promenades and Harbour activity.
Victoria Harbour features will include; The Harbour Esplanade, over 3 kms of waterfront, accessible by public ferries and water taxis; The Boardwalk, a cosmopolitan boulevard of shops, restaurants and cafes stretching one kilometre along the Harbour Esplanade; Blue Park, a major hive of water activity incorporating the 30 ha's of water surrounding Victoria Harbour, which will include water cinemas an aquatic Soundshell and performance space; Collins Landing, an open public piazza where Collins street reaches the Yarra; Grand Plaza, a large civic space stretching from the Stadium to Central Pier, providing a new point of public access to the Harbour.
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About Lend Lease
An Integrated Global Real Estate Business
Lend Lease is a fully integrated global real estate group comprising three primary businesses: financial services (funds management), project management and construction, and property development. The Group operates in more than 40 countries on six continents, with a significant presence in the United States, Europe, Asia Pacific and South America.
In real estate financial services, Lend Lease is one of the largest real estate investment managers in the world. The Lend Lease Group manages more than US$43 billion for institutional, mutual fund and private clients invested in property funds, real estate securities, mortgages, and commercial mortgage-backed securities. In addition, the Group services some US$50 billion of commercial real estate loans. Lend Lease is positioned to take advantage of opportunities in regional markets in both public and private markets, and in cross border arbitrage opportunities, to earn premium returns for clients.
Project management and construction services work with a blue chip global corporate client base, usually on a fee for service basis, with a high level of repeat business.
Property development services extend to commercial, retail and complex urban mixed-use projects with a strong retail focus, using primarily third party capital.
The Lend Lease Group offers a unique range of real estate investment products and project services to clients around the world through its real estate platform, backed by superior research capabilities and an entrepreneurial ability to create value. This breadth of service means that Lend Lease can provide creative global solutions to clients’ real estate needs. media | stock exchange
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