Hot on the heels of Australia Post's $150 million sale of the Sydney GPO comes the news that it has entered into an agreement to sell a half share of yet to be built building.
Hot on the heels of Australia Post’s $150 million sale of the Sydney GPO comes the news that it has entered into an agreement to sell a half share in a yet to be built Docklands building for $348 million.
Australia Post and partner Cbus Property, which acts for the Construction and Building Unions Superannuation Fund, have gained permission for a 42-storey, A-grade office building to be built for the Victorian Police at 311 Spencer Street, Docklands. Keppel REIT has agreed to buy a 50% share in the completed building for almost $348.
Keppel, which listed on the Singaporean exchange in 2006, is one of the largest real estate investment trusts, with assets under management of over $8 billion. The remaining 50% share in the development will be retained by Cbus.
The completed building will comprise 717,000 sqm over 42 levels and with a 30-year lease it will allow the Victorian Police to consolidate their CBD force into one stand-alone precinct.
It will include a public foyer and a centre to exhibit police memorabilia and will house 2,500 police personnel. Designed by architects, Woods Bagot, it will also be designed to achieve a 5-star Green Star energy rating. Construction is expected to commence later this year with completion due for year-end 2019.