A summary of the transaction is outlined as follows:
Commenting on the transaction, Mirvac CEO & Managing Director, Susan Lloyd-Hurwitz, said “We are thrilled that ISPT have come on board as co-owners of 2 Riverside Quay, which is set to become a highly innovative and modern workplace in an increasingly popular business location.
“The asset is already substantially de-risked, with PwC’s commitment to lease approximately 17,200 square metres of office space, or 82 per cent of total office net lettable area, for an initial 12-year term^.
“The transaction is in line with our strategy to secure high quality capital partners with Mirvac retaining a 50 per cent interest in the completed asset.”
Located in the heart of Melbourne’s Southbank precinct, 2 Riverside Quay is set to become a 21 level, A-grade office building over approximately 21,000 square metres. The building will comprise 12 floors of office space above an existing eight-level car park, as well as best in class end-of-trip facilities to be situated on Level 9.
Tenants of 2 Riverside Quay will benefit from the building’s close proximity to strong public transport links and excellent amenity, with Flinders Street Station, the Crown Entertainment Complex, Southgate and extensive dining precincts situated in the nearby area.
In line with Mirvac’s This Changes Everything sustainability strategy, the building is designed to target a 5.0 Star Green Star Office As Built v3 rating and minimum 4.5 Star NABERS Energy rating, and will feature leading sustainability initiatives such as high performance air conditioning, rainwater capture and recycling, and the use of high- performance glazing and facade systems to reduce solar loads, while providing ample levels of daylight and connection to the outside.