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Keppel Reit begins construction of office tower in Melbourne
KEPPEL Reit announced on Friday that it has commenced construction of its newly acquired premium office tower in Melbourne, Australia.
The Grade A office tower to be developed at 311 Spencer Street will be the headquarters for the Victoria Police from 2020 after the building's completion in the fourth quarter of 2019.
Standing at 42 storeys, it is located between Melbourne's central business district and the new Docklands precinct. Sited on freehold land, the development is within walking distance to the Southern Cross Station, the city's major railway and transportation hub. The office tower has an estimated net lettable area of 717,000 sqf and comprises seven levels above ground and four levels of basement carpark space.
This will be Keppel Reit's second asset in Melbourne, after 8 Exhibition Street where it has a 50 per cent interest in the office building and two retail units, as well as a 100 per cent interest in the three adjoining retail units.