Dexus Take out 80 Collins St

27 March 2019

Dexus appears to have won the race for QIC’s 80 Collins Street in a deal worth between $1.3Bn and $1.4bn. QIC offered up a full or half interest in the assets which comprise the existing 52 level Nauru House and the development opportunity sitting in front of it at 80 Collins Street which comprises a 39-storey office tower, along with a 300-room hotel and retail complex through the podium levels of around 5,800 square metres. The new “south” tower is due for completion in 2020. Leasing of the new tower has progressed well with Macquarie signed up for around 6000 square metres, along with DLA Piper and McKinsey who have recently committed. Law firm Ashurst is also understood to be close to signing up for 4500 square metres. Singapore’s SilverNeedle will operate the boutique hotel under its NEXT brand on the Little Collins Street side of the site. Dexus were competing with Charter Hall and Mirvac in the acquisition which is expected to yield around 5%. QIC appointed JLL’s and Savills to handle the sale process. Location Plan: #Dexus #QIC #Commercial