CBUS Property has dumped plans for a hotel at its $480 million tower on the corner of Bourke and William streets, amid increased competition in the CBD hotel market.
Cbus Property has scrapped a planned hotel at its major commercial development at the western end of Melbourne's central business district and will replace it with office space.
Cbus Property has received an amendment to the existing Town Planning Approval enabling the second tower at the mixed use development on Bourke and William Street to be used entirely for office accommodation.
Melbourne-style laneway culture is set to hit 140 William Street. Cbus Property has lodged a development application with Perth city council to transform 140 into a "lively urban village of bars and restaurant connected by laneways and meeting places."
The West Australian government has named Cbus Property as the preferred proponent for a $200 million project above a new underground station at 140 William Street in Perth's central business district. State Planning and Infrastructure Minister Alannah MacTiernan said yesterday the Evolution Consortium, owned by Cbus, had been chosen from three shortlisted developers.
Cbus Property has confirmed it will begin construction on the second commercial tower at its CBW development demonstrating a high level of confidence in Melbourne’s commercial property market.
Cbus Property has today signed an agreement with the Western Australian Government to proceed with the acquisition of 140 William Street, Perth and the development of a commercial and retail complex on the site.
Joining a growing list of zealous CBD office developers, superannuation giant Cbus will push ahead with a new Bourke St tower.