477 Collins Street
OFFICE

477 COLLINS STREET

477 Collins St, Melbourne, VIC 3000

477 Collins Street is being redeveloped into an approximately 57,000 square metre, 40-storey, premium office tower offering innovative, contemporary and engaging workspaces. The development incorporates the unique 1880s façade of the Olderfleet buildings, which underwent an extensive refurbishment and modernisation to create boutique office and retail space. In July 2017, Mirvac entered into an agreement with Suntec REIT for the sale of a 50 per cent interest in the development. The premises for the anchor tenant, Deloitte, were completed in FY20 with the entire building reaching practical completion in July 2020. Deloitte has commenced tenancy occupation with office space now 96% pre-committed.

Ownership
50% Mirvac, 50% SUNTEC REIT

Summary information

Acquisition/Agreement Date Nov-13
Valuation at 30-JUN-20 $338.4m
Expected Development Value On Completion $864m
Target Completion FY21 (PC July 2020)
Valuation: Book value represents Mirvac ownership.
Expected Development Value On Completion: Represents 100% of expected development end value, based on cap rate sold-down.