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17 July 2019
Construction of $700 million worth of new office, hotel and apartments projects has kicked off in Melbourne’s key urban precincts of Docklands and Fishermans Bend in a sign of developer confidence amid the current economic uncertainty.
Leading the charge, Chinese developer Poly has turned the soil on its $500 million speculatively built office tower at 1000 La Trobe Street opposite Marvel Stadium.
The 23-level Woods Bagot-designed tower has 40,000 square metres of lettable area.
Tier-one construction firm Probuild has been awarded the main works contract with construction of the tower to begin in the coming months on the site where demolition and clearing works have commenced.
Poly Victoria executive director Steve Wang said he was confident Probuild would deliver 1000 La Trobe Street on schedule (completion is due in the fourth quarter of 2021) and “in line with the CBD and Dockland’s leasing needs”.
The developer had originally planned a 600-unit residential development on the site but switched to commercial when the apartment market started to deteriorate.
“This is the first commercial building to be built in Melbourne’s CBD/ Docklands in 30 years without requiring pre-commitments for funding,” said Colliers International’s Edward Knowles who will market the tower at prospective tenants alongside colleague Shane Burns and Stuart Colquhoun and Ashley Buller from JLL.
“There is a need for new supply in the market and Poly Australia’s commitment to deliver and cater to the demand is a testament to their appetite to delivering outstanding projects with high-performing results,” Mr Knowles said.
“We are thrilled that Capital Alliance have presented Marriott with opportunity to introduce AC Hotels to Australia, where the brand’s hallmarks of European design and understated style will bring a new personality to Melbourne’s hotel landscape,” said Marriott International Asia Pacific senior director Richard Crawford.