Keppel REIT has commenced construction for its newly acquired premium office tower in Melbourne, Australia. The Grade A office tower to be developed at 311 Spencer Street will be the headquarters for the Victoria Police from 2020 after the building's completion in the fourth quarter of 2019.
The commencement in Melbourne this morning was witnessed by Lisa Neville MP, Minister for Police, together with Mr Graham Ashton, Chief Commissioner of Victoria Police; Mr Tan Swee Yiow, CEO of Keppel REIT Management, the Manager of Keppel REIT, and Mr Adrian Pozzo, CEO of Cbus Property, the co-owner and developer of the new office tower.
Mr Tan Swee Yiow, CEO of Keppel REIT Management, said, "We are happy to partner Cbus Property, one of Australia's leading property investors and developers, to contribute to Melbourne's growth. We look forward to the completion of this state-of-the-art building which will complement Keppel REIT's sterling portfolio of sustainable premium office assets."
Designed by leading architecture firm, Woods Bagot, the office tower will be an eco-icon in Melbourne, meeting the 5-Star Green Star and 4.5-Star energy rating standards by the Green Building Council of Australia and National Australian Built Environmental Rating System, respectively. This will be Keppel REIT's second asset in Melbourne, after 8 Exhibition Street where it has a 50% interest in the office building and two retail units, as well as a 100% interest in the three adjoining retail units.
Standing at 42 storeys, the Grade A office tower to be developed at 311 Spencer Street is strategically located between Melbourne's central business district and the new Docklands precinct. Sited on freehold land, the development is within walking distance to the Southern Cross Station, the city's major railway and transportation hub. The office tower has an estimated net lettable area of 717,000 sf and comprises seven levels above ground and four levels of basement carpark spaces.
About Keppel REIT
Keppel REIT was listed by way of an introduction on 28 April 2006. Keppel REIT is one of the largest real estate investment trusts (REITs) listed on the Singapore Exchange with assets under management of over $8 billion.
Keppel REIT's objective is to generate stable income and long-term growth for Unitholders by owning and investing in a portfolio of quality income-producing commercial real estate and real estate-related assets in Singapore and pan-Asia.
Its sterling portfolio comprises interests in nine premium office assets with 12 office towers strategically located in the central business districts of Singapore, as well as key Australian cities of Sydney, Melbourne, Brisbane and Perth.
In Singapore, the assets are Ocean Financial Centre (99.9% interest), Marina Bay Financial Centre (comprising office Towers 1, 2 and 3 and the subterranean mall, Marina Bay Link Mall) (one-third interest), One Raffles Quay (one-third interest) and Bugis Junction Towers (100% interest).
In Australia, the assets are 8 Chifley Square (50% interest) in Sydney, 8 Exhibition Street (50% interest in the office building and two retail units, as well as a 100% interest in the three adjoining retail units) and a premium office tower to be developed at 311 Spencer Street (50% interest) in Melbourne, 275 George Street in Brisbane (50% interest), as well as the David Malcolm Justice Centre in Perth (50% interest).
Keppel REIT is sponsored by Keppel Land Limited, one of Asia's leading property companies. It is managed by Keppel REIT Management Limited, a wholly-owned subsidiary of Keppel Capital Holdings Pte. Ltd which is a premier asset manager in Asia with a diversified portfolio that includes real estate, infrastructure and data centre properties in key global markets.
For more information, please contact:
Group Corporate Communications
Keppel Corporation Limited
Mobile: (65) 9770 2546 / (65) 64136430