NEWS

Docklands Office Leased Before Completion

19 March 2008

Prime Docklands Office Leased Before Completion Carrick Institute of Education Signs 10 Year Lease

Dockland's first speculative building has fully leased its office space just prior to completion next month, with a 10 year lease to leading private education provider, Carrick Institute of Education.

The sustainable green building at 370 Docklands Drive, a joint venture by Austcorp and YarraCity, will become a thriving education campus when the institute occupies the premises in July.

Executive Chairman of Austcorp, Mr Trevor Chappell, said: "The lease with Carrick Institute of Education reflects a strong market confidence in the Docklands commercial precinct. Importantly, 370 Docklands Drive is situated at the gateway to Docklands, providing valuable landmark exposure and prestige."

370 Docklands Drive was the first in Green Building Council of Australia's (GBCA) history to have achieved a 5 Star Green Star Office Design Rating after only one round of assessment.

Designed by Cox Architects, the seven level A Grade commercial building will have 7,129 sqm office space with 1,600 sqm floor plates and 140 car spaces. The building was the first major office building in Docklands to be undertaken without pre-commitment.

Situated within the quay precinct with bars and restaurants, near Waterfront City, the building is virtually column free with a high level of natural light, water as well as city views, energy efficient lighting and heating services, rainwater collection and a black water treatment plant to reuse waste water. The building also includes showers and change rooms and secure car and bicycle parking.

YarraCity spokesperson, Mr Richard Ng, said "370 Docklands Drive is a cutting-edge building that has proven successful to the market. Our confidence in Docklands to proceed without a pre-commitment has been well founded."

Managing Director and founder of Carrick Institute of Education, Catherine Carrick, believes the building's green credentials and its CBD location make it ideal for the institute's growing profile in the marketplace.

"This is part of a new era for Carrick Institute of Education. We are very excited to be moving into the Docklands precinct as part of our expansion strategy. The prominent CBD location is an important factor, as is the high level of sustainability," she said.

Carrick Institute of Education will move its vocational, Higher Education and English language departments to the new site.

Knight Frank and CB Richard Ellis were joint leasing agents for the building. Knight Frank Leasing Director, Mr Mark Rasmussen, who negotiated the lease, said the education sector has been booming in Melbourne in recent years and now occupies almost 200,000 sqm of office space in the CBD, against a backdrop of tightening supply.

"The Docklands market currently comprises 218,161 square metres of office stock of which 90% is now committed. There is a further 207,800 sqm under construction but most has been pre-committed to blue chip tenants including ANZ Bank and Myer," Mr Rasmussen said.

The lease with Carrick Institute of Education follows another education tenant's move to Docklands. Renowned French fashion university ESMOD has committed to occupying about 18,000sqm at a proposed office tower on Bourke Street.

Read more about Austcorp's 370 Docklands.
Go to the 370 Docklands website at www.370.com.au.