One of the world’s largest privately owned property groups, Hines, has emerged as the preferred bidder on GPT Group’s $155 million Docklands asset.
GPT Group, backed by its wholesale office fund, has bought the CBW complex for $608.1 million, in one of the largest transactions in the Melbourne market for years.
Foreign investors, keen to park their money in a safe haven, accounted for 42 per cent of the $1.5 billion spent on Melbourne office buildings in the past financial year.
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.
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.
Joining a growing list of zealous CBD office developers, superannuation giant Cbus will push ahead with a new Bourke St tower.