NAB eyes off Collins Square presence

NAB is considering taking space at Melbourne’s Collins Square development.
NAB is considering taking space at Melbourne’s Collins Square development.

National Australia Bank is considering taking space at Lang Walker’s $2.5 billion Collins Square project in Melbourne as it shakes up its office holdings in the city.

The group is reported to have both short-term and long-term space requirements, with the latter ranging up to 50,000sqm.

According to developers, the bank has not issued a formal brief, but its requirements are widely known and would fit the Collins Square precinct.

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The property tycoon said last month he was close to securing a tenant to anchor the area’s final tower — the 40,000sqm Tower Five — prompting him to accelerate building work.

Walker has already fielded interest from one group — likely to be roads operator Transurban — for 16,000sqm, and other tenants are reported to be chasing spaces ranging from four floors to the entire tower.

“We are bringing forward construction to deliver the building to tenants by early 2018, with many of them consolidating their Melbourne operations or relocating their head offices to Collins Square,” Walker said last month.

Collins Square, which has office and retail elements, has won tenants for 210,000sqm of premium office space, with about 110,000sqm leased in the past 18 months.

Walker is well positioned after completing a $1 billion refinancing of the overall development. The precinct was marketed earlier this year but Walker in April decided to retain the landmark office precinct after a sales process run by investment bank UBS drew bids from heavyweights including AMP Capital and LaSalle Investment Management.

KPMG is taking almost 30,000sqm in Tower Two, with law firm Maddocks and engineering consultancy AECOM also taking space.

Collins Square is one of the country’s top commercial developments, with a total of five office towers and the refurbished Goods Shed South. It also houses the Commonwealth Bank, Marsh Mercer, Pearson Penguin Australia and Transurban.

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