DEXUS to redevelop 360 Collins Street

DEXUS to redevelop 360 Collins StreetThe departure of tenant Westpac from 360 Collins Street in Melbourne has proved the perfect opportunity for DEXUS Wholesale Property Fund (DWPF) to commence a large-scale redevelopment.According to DWPF’s Fund Manager, Penny Ransom, the company has received approval for what will be a “transformational redevelopment” of one of Melbourne’s office landmarks. “After more than 20 years at 360 Collins Street, the departure of Westpac provides us with the opportunity to reposition the building to outperform in the future, while enhancing the quality of DWPF’s office portfolio which includes Gateway and 1 Bligh Street in Sydney,” Ransom says.DWPF will refurbish the existing 12 low-rise floors and create an additional 6000 sqm of office space. Podium office floors will feature campus-sized floorplates and open terraces, while a new atrium will enhance natural light. Retail offerings will be expanded with the addition of eight food and beverage outlets in a north-facing open public area.The development is targeting an improved NABERS Energy rating. Premium end-of-trip facilities and sustainability initiatives including a chilled beam air-conditioning system, thermally-efficient new facade, efficient lifts, LED light fittings and an upgraded building management system will improve environmental performance, comfort and amenity. 360 Collins Street will maintain high occupancy and lease duration over the mid- and high-rise floors while the refurbishment works are underway. The redevelopment works will commence shortly and are targeted to be completed in late 2016.